Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 30, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ATLANTIC UNION BANKSHARES CORP | |
Entity Central Index Key | 0000883948 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-20293 | |
Entity Tax Identification Number | 54-1598552 | |
Entity Incorporation, State or Country Code | VA | |
Entity Address, Address Line One | 1051 East Cary Street | |
Entity Address, Address Line Two | Suite 1200 | |
Entity Address, City or Town | Richmond | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23219 | |
City Area Code | 804 | |
Local Phone Number | 633-5031 | |
Title of 12(b) Security | Common Stock, par value $1.33 per share | |
Trading Symbol | AUB | |
Security Exchange Name | NASDAQ | |
Document Period End Date | Sep. 30, 2019 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 80,649,088 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 218,584,000 | $ 166,927,000 |
Interest-bearing deposits in other banks | 370,673,000 | 94,056,000 |
Federal funds sold | 2,663,000 | 216,000 |
Total cash and cash equivalents | 591,920,000 | 261,199,000 |
Securities available for sale, at fair value | 1,918,859,000 | 1,774,821,000 |
Securities held to maturity, at carrying value | 556,579,000 | 492,272,000 |
Restricted stock, at cost | 132,310,000 | 124,602,000 |
Loans held for sale, at fair value | 72,208,000 | |
Loans held for investment, net of deferred fees and costs | 12,306,997,000 | 9,716,207,000 |
Less allowance for loan losses | 43,820,000 | 41,045,000 |
Net loans held for investment | 12,263,177,000 | 9,675,162,000 |
Premises and equipment, net | 168,122,000 | 146,967,000 |
Goodwill | 929,815,000 | 727,168,000 |
Amortizable intangibles, net | 78,241,000 | 48,685,000 |
Bank owned life insurance | 320,779,000 | 263,034,000 |
Other assets | 408,162,000 | 250,210,000 |
Assets of discontinued operations | 863,000 | 1,479,000 |
Total assets | 17,441,035,000 | 13,765,599,000 |
LIABILITIES | ||
Noninterest-bearing demand deposits | 3,155,174,000 | 2,094,607,000 |
Interest-bearing deposits | 9,889,538,000 | 7,876,353,000 |
Total deposits | 13,044,712,000 | 9,970,960,000 |
Securities sold under agreements to repurchase | 67,260,000 | 39,197,000 |
Other Short-term borrowings | 344,600,000 | 1,048,600,000 |
Long-term borrowings | 1,137,321,000 | 668,481,000 |
Other liabilities | 321,348,000 | 112,093,000 |
Liabilities of discontinued operations | 763,000 | 1,687,000 |
Total liabilities | 14,916,004,000 | 11,841,018,000 |
Commitments and contingencies (Note 8) | ||
STOCKHOLDERS' EQUITY | ||
Common stock, $1.33 par value; shares authorized of 200,000,000 and 100,000,000 at September 30, 2019 and December 31, 2018, respectively; 81,147,896 and 65,977,149 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively. | 107,330,000 | 87,250,000 |
Additional paid-in capital | 1,831,667,000 | 1,380,259,000 |
Retained earnings | 545,665,000 | 467,345,000 |
Accumulated other comprehensive income (loss) | 40,369,000 | (10,273,000) |
Total stockholders' equity | 2,525,031,000 | 1,924,581,000 |
Total liabilities and stockholders' equity | $ 17,441,035,000 | $ 13,765,599,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 1.33 | $ 1.33 |
Common stock, shares authorized (in shares) | 200,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 81,147,896 | 65,977,149 |
Common stock, shares outstanding (in shares) | 81,147,896 | 65,977,149 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||
Interest and dividend income: | ||||||
Interest and fees on loans | $ 156,651 | $ 115,817 | $ 459,603 | $ 348,009 | ||
Interest on deposits in other banks | 1,030 | 492 | 2,047 | 1,815 | ||
Interest and dividends on securities: | ||||||
Taxable | 12,625 | 10,145 | 39,059 | 25,229 | ||
Nontaxable | 8,039 | 4,909 | 24,413 | 13,098 | ||
Total interest and dividend income | 178,345 | 131,363 | 525,122 | 388,151 | ||
Interest expense: | ||||||
Interest on deposits | 30,849 | 15,928 | 84,088 | 40,187 | ||
Interest on short-term borrowings | 2,200 | 3,379 | 14,313 | 12,794 | ||
Interest on long-term borrowings | 8,695 | 6,093 | 23,978 | 17,568 | ||
Total interest expense | 41,744 | 25,400 | 122,379 | 70,549 | ||
Net interest income | 136,601 | 105,963 | 402,743 | 317,602 | ||
Provision for credit losses | 9,100 | 3,340 | 18,192 | 9,011 | ||
Net interest income after provision for credit losses | 127,501 | 102,623 | 384,551 | 308,591 | ||
Noninterest income: | ||||||
Mortgage banking income, net | 3,374 | 0 | 7,614 | 0 | ||
Gains (losses) on securities transactions, net | 7,104 | 97 | 7,306 | [1] | 222 | [1] |
Bank owned life insurance income | 2,062 | 1,732 | 6,191 | 5,126 | ||
Loan-related interest rate swap fees, net | 5,480 | 562 | 10,656 | 2,178 | ||
Gain on Shore Premier sale | (933) | 19,966 | ||||
Other operating income | 12,708 | 1,028 | 15,045 | 4,887 | ||
Total noninterest income | 48,106 | 19,887 | 103,621 | 80,752 | ||
Noninterest expenses: | ||||||
Salaries and benefits | 49,718 | 39,279 | 148,116 | 120,797 | ||
Occupancy expenses | 7,493 | 6,551 | 22,427 | 18,778 | ||
Furniture and equipment expenses | 3,719 | 2,983 | 10,656 | 9,024 | ||
Printing, postage, and supplies | 1,268 | 1,183 | 3,763 | 3,525 | ||
Communications expense | 1,037 | 872 | 3,199 | 2,976 | ||
Technology and data processing | 5,787 | 4,841 | 17,203 | 13,722 | ||
Professional services | 2,681 | 2,875 | 8,269 | 8,101 | ||
Marketing and advertising expense | 2,600 | 3,109 | 7,891 | 7,834 | ||
FDIC assessment premiums and other insurance | 381 | 1,363 | 5,620 | 5,430 | ||
Other taxes | 3,971 | 2,878 | 11,779 | 8,660 | ||
Loan-related expenses | 2,566 | 1,939 | 7,250 | 5,097 | ||
OREO and credit-related expenses | 1,005 | 452 | 3,162 | 3,106 | ||
Amortization of intangible assets | 4,764 | 3,490 | 13,919 | 9,885 | ||
Training and other personnel costs | 1,618 | 1,024 | 4,240 | 3,155 | ||
Merger-related costs | 2,435 | 1,429 | 26,928 | 37,414 | ||
Rebranding expense | 1,133 | 5,553 | ||||
Loss on debt extinguishment | 16,397 | 16,397 | ||||
Other expenses | 3,114 | 2,081 | 7,650 | 5,730 | ||
Total noninterest expenses | 111,687 | 76,349 | 324,022 | 263,234 | ||
Income from continuing operations before income taxes | 63,920 | 46,161 | 164,150 | 126,109 | ||
Income tax expense | 10,724 | 7,399 | 26,330 | 20,973 | ||
Income from continuing operations | 53,196 | 38,762 | 137,820 | 105,136 | ||
Discontinued operations: | ||||||
Income (loss) from operations of discontinued mortgage segment | 56 | (761) | (173) | (3,768) | ||
Income tax expense (benefit) | 14 | (196) | (45) | (795) | ||
Income (loss) on discontinued operations | 42 | (565) | (128) | (2,973) | ||
Net income | $ 53,238 | $ 38,197 | $ 137,692 | [1] | $ 102,163 | [1] |
Basic earnings per common share (in usd per share) | $ 0.65 | $ 0.58 | $ 1.72 | $ 1.55 | ||
Diluted earnings per common share (in usd per share) | 0.65 | 0.58 | 1.72 | 1.55 | ||
Dividends declared per common share (in usd per share) | $ 0.25 | $ 0.23 | $ 0.71 | $ 0.65 | ||
Basic weighted average number of common shares outstanding (in shares) | 81,769,193 | 65,974,702 | 80,120,725 | 65,817,668 | ||
Diluted weighted average number of common shares outstanding (in shares) | 81,832,868 | 66,013,152 | 80,183,113 | 65,873,202 | ||
Service charges on deposit accounts | ||||||
Noninterest income: | ||||||
Noninterest income | $ 7,675 | $ 6,483 | $ 22,331 | $ 18,566 | ||
Other service charges and fees | ||||||
Noninterest income: | ||||||
Noninterest income | 1,513 | 1,625 | 4,879 | 4,137 | ||
Interchange fees, net | ||||||
Noninterest income: | ||||||
Noninterest income | 2,108 | 4,882 | 12,765 | 14,163 | ||
Fiduciary and asset management fees | ||||||
Noninterest income: | ||||||
Noninterest income | $ 6,082 | $ 4,411 | $ 16,834 | $ 11,507 | ||
[1] | Discontinued operations have an immaterial impact to the Company’s Consolidated Statement of Cash Flows. The change in loans held for sale included in the Operating Activities section for the nine months ended September 30, 2018 are fully attributable to discontinued operations. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||||
Statement of Comprehensive Income [Abstract] | |||||||
Net income | $ 53,238 | $ 38,197 | $ 137,692 | [1] | $ 102,163 | [1] | |
Cash flow hedges: | |||||||
Change in fair value of cash flow hedges | 6,025 | 575 | 1,970 | 3,214 | |||
Reclassification adjustment for losses included in net income (net of tax, $42 and $60 for the three months and $120 and $205 for the nine months ended September 30, 2019 and 2018, respectively) (1) | [2] | 158 | 227 | 451 | 770 | ||
AFS securities: | |||||||
Unrealized holding gains (losses) arising during period (net of tax, $3,287 and $3,007 for the three months and $14,513 and $7,200 for the nine months ended September 30, 2019 and 2018, respectively) | 12,364 | (11,310) | 54,598 | (27,087) | |||
Reclassification adjustment for losses (gains) included in net income (net of tax, $1,492 and $20 for the three months and $1,534 and $46 for the nine months ended September 30, 2019 and 2018, respectively) (2) | [3] | (5,612) | (77) | (5,772) | (176) | ||
HTM securities: | |||||||
Reclassification adjustment for accretion of unrealized gain on AFS securities transferred to HTM (net of tax, $1 and $1 for the three months and $4 and $107 for the nine months ended September 30, 2019 and 2018, respectively) (3) | [4] | (5) | (5) | (15) | (403) | ||
Bank owned life insurance: | |||||||
Unrealized holding losses arising during the period | (647) | (647) | |||||
Reclassification adjustment for losses included in net income | [5] | 19 | 19 | 57 | 57 | ||
Other comprehensive income (loss) | 12,302 | (10,571) | 50,642 | (23,625) | |||
Comprehensive income | $ 65,540 | $ 27,626 | $ 188,334 | $ 78,538 | |||
[1] | Discontinued operations have an immaterial impact to the Company’s Consolidated Statement of Cash Flows. The change in loans held for sale included in the Operating Activities section for the nine months ended September 30, 2018 are fully attributable to discontinued operations. | ||||||
[2] | The gross amounts reclassified into earnings are reported in the interest income and interest expense sections of the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. | ||||||
[3] | The gross amounts reclassified into earnings are reported as "Gains (losses) on securities transactions, net" on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. | ||||||
[4] | The gross amounts reclassified into earnings are reported within interest income on the Company’s Consolidated Statements of Income with the corresponding income tax effect being reflected as a component of income tax expense. | ||||||
[5] | Reclassifications in earnings are reported in "Salaries and benefits" expense on the Company’s Consolidated Statements of Income. |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Tax expense (benefit) related to reclassification adjustment for losses included in net income | $ (42) | $ (60) | $ (120) | $ (205) |
Tax expense (benefit) related to unrealized holding (losses) gains arising during period | 3,287 | (3,007) | 14,513 | (7,200) |
Tax expense (benefit) related to (gains) losses on the sale of securities | 1,492 | 20 | 1,534 | 46 |
Tax expense (benefit) related to (gains) losses for AFS securities transferred to HTM | $ 1 | $ 1 | $ 4 | $ 107 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |
Beginning balance at Dec. 31, 2017 | $ 57,744 | $ 610,001 | $ 379,468 | $ (884) | $ 1,046,329 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 16,639 | 16,639 | ||||
Other comprehensive income, (net of taxes) | (11,426) | (11,426) | ||||
Issuance of common stock in regard to acquisition | 29,156 | 765,653 | 794,809 | |||
Dividends on common stock | (13,808) | (13,808) | ||||
Issuance of common stock under Equity Compensation Plans | 91 | 836 | 927 | |||
Issuance of common stock for services rendered | 7 | 177 | 184 | |||
Vesting of restricted stock, net of shares held for taxes, under Equity Compensation Plans | 93 | (2,363) | (2,270) | |||
Cancellation of warrants | (1,530) | (1,530) | ||||
Stock-based compensation expense | 1,223 | 1,223 | ||||
Ending balance at Mar. 31, 2018 | 87,091 | 1,373,997 | 382,299 | (12,310) | 1,831,077 | |
Beginning balance at Dec. 31, 2017 | 57,744 | 610,001 | 379,468 | (884) | 1,046,329 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | [1] | 102,163 | ||||
Other comprehensive income, (net of taxes) | (23,625) | (23,625) | ||||
Issuance of common stock in regard to acquisition | 794,809 | |||||
Cancellation of warrants | 1,530 | |||||
Ending balance at Sep. 30, 2018 | 87,192 | 1,378,940 | 438,513 | (24,616) | 1,880,029 | |
Beginning balance at Mar. 31, 2018 | 87,091 | 1,373,997 | 382,299 | (12,310) | 1,831,077 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 47,327 | 47,327 | ||||
Other comprehensive income, (net of taxes) | (1,628) | (1,628) | ||||
Dividends on common stock | (13,841) | (13,841) | ||||
Issuance of common stock under Equity Compensation Plans | 23 | 416 | 439 | |||
Issuance of common stock for services rendered | 7 | 205 | 212 | |||
Vesting of restricted stock, net of shares held for taxes, under Equity Compensation Plans | 8 | (136) | (128) | |||
Impact of adoption of new guidance | (293) | (107) | (400) | |||
Stock-based compensation expense | 1,812 | 1,812 | ||||
Ending balance at Jun. 30, 2018 | 87,129 | 1,376,294 | 415,492 | (14,045) | 1,864,870 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 38,197 | 38,197 | ||||
Other comprehensive income, (net of taxes) | (10,571) | (10,571) | ||||
Dividends on common stock | (15,176) | (15,176) | ||||
Issuance of common stock under Equity Compensation Plans | 46 | 918 | 964 | |||
Issuance of common stock for services rendered | 9 | 292 | 301 | |||
Vesting of restricted stock, net of shares held for taxes, under Equity Compensation Plans | 8 | (111) | (103) | |||
Stock-based compensation expense | 1,547 | 1,547 | ||||
Ending balance at Sep. 30, 2018 | 87,192 | 1,378,940 | 438,513 | (24,616) | 1,880,029 | |
Beginning balance at Dec. 31, 2018 | 87,250 | 1,380,259 | 467,345 | (10,273) | 1,924,581 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 35,631 | 35,631 | ||||
Other comprehensive income, (net of taxes) | 18,670 | 18,670 | ||||
Issuance of common stock in regard to acquisition | 21,070 | 478,904 | 499,974 | |||
Dividends on common stock | (18,838) | (18,838) | ||||
Issuance of common stock under Equity Compensation Plans | 8 | 130 | 138 | |||
Issuance of common stock for services rendered | 8 | 211 | 219 | |||
Vesting of restricted stock, net of shares held for taxes, under Equity Compensation Plans | 139 | (1,786) | (1,647) | |||
Impact of adoption of new guidance | (1,133) | (1,133) | ||||
Stock-based compensation expense | 1,870 | 1,870 | ||||
Ending balance at Mar. 31, 2019 | 108,475 | 1,859,588 | 483,005 | 8,397 | 2,459,465 | |
Beginning balance at Dec. 31, 2018 | 87,250 | 1,380,259 | 467,345 | (10,273) | 1,924,581 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | [1] | 137,692 | ||||
Other comprehensive income, (net of taxes) | 50,642 | 50,642 | ||||
Issuance of common stock in regard to acquisition | 499,974 | |||||
Cancellation of warrants | 0 | |||||
Ending balance at Sep. 30, 2019 | 107,330 | 1,831,667 | 545,665 | 40,369 | 2,525,031 | |
Beginning balance at Mar. 31, 2019 | 108,475 | 1,859,588 | 483,005 | 8,397 | 2,459,465 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 48,823 | 48,823 | ||||
Other comprehensive income, (net of taxes) | 19,670 | 19,670 | ||||
Dividends on common stock | (18,876) | (18,876) | ||||
Issuance of common stock under Equity Compensation Plans | 48 | 938 | 986 | |||
Issuance of common stock for services rendered | 8 | 192 | 200 | |||
Vesting of restricted stock, net of shares held for taxes, under Equity Compensation Plans | 29 | (336) | (307) | |||
Stock-based compensation expense | 2,334 | 2,334 | ||||
Ending balance at Jun. 30, 2019 | 108,560 | 1,862,716 | 512,952 | 28,067 | 2,512,295 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 53,238 | 53,238 | ||||
Other comprehensive income, (net of taxes) | 12,302 | 12,302 | ||||
Dividends on common stock | (20,525) | (20,525) | ||||
Issuance of common stock under Equity Compensation Plans | 38 | 656 | 694 | |||
Stock purchased under stock repurchase plan | (1,289) | (33,995) | (35,284) | |||
Issuance of common stock for services rendered | 10 | 269 | 279 | |||
Vesting of restricted stock, net of shares held for taxes, under Equity Compensation Plans | 11 | (138) | (127) | |||
Stock-based compensation expense | 2,159 | 2,159 | ||||
Ending balance at Sep. 30, 2019 | $ 107,330 | $ 1,831,667 | $ 545,665 | $ 40,369 | $ 2,525,031 | |
[1] | Discontinued operations have an immaterial impact to the Company’s Consolidated Statement of Cash Flows. The change in loans held for sale included in the Operating Activities section for the nine months ended September 30, 2018 are fully attributable to discontinued operations. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Other comprehensive income (loss), tax | $ 1,836 | $ 5,913 | $ 5,346 | $ 2,966 | $ 617 | $ 3,565 |
Issuance of common stock, acquisition, shares | 15,842,026 | 21,922,077 | ||||
Dividends on common stock, per share (in usd per share) | $ 0.25 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.21 | $ 0.21 |
Issuance of common stock under Equity Compensation Plan , shares | 28,253 | 36,551 | 6,127 | 34,477 | 17,058 | 68,495 |
Stock purchased under stock repurchase plan, shares | 969,265 | |||||
Issuance of common stock for services rendered, shares | 7,840 | 6,192 | 6,085 | 7,248 | 5,259 | 4,914 |
Vesting of restricted stock under Equity Compensation Plans, shares | 8,247 | 21,447 | 104,151 | 5,606 | 6,664 | 69,562 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Operating activities: | |||
Net income | [1] | $ 137,692 | $ 102,163 |
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities: | |||
Depreciation of premises and equipment | [1] | 11,138 | 10,411 |
Write-down of foreclosed properties and former bank premises | [1] | 1,162 | 1,184 |
Amortization, net | [1] | 19,033 | 9,333 |
Amortization (accretion) related to acquisitions, net | [1] | (5,200) | (6,014) |
Provision for credit losses | [1] | 18,192 | 8,830 |
Gains on securities transactions, net | [1] | (7,306) | (222) |
BOLI income | [1] | (6,191) | (5,126) |
Decrease (increase) in loans held for sale, net | [1] | (50,981) | 40,302 |
Losses (gains) on sales of foreclosed properties and former bank premises, net | [1] | 144 | (413) |
Loss on debt extinguishment | 16,397 | ||
Gain on sale of Shore Premier loans | [1] | 0 | (19,966) |
Goodwill impairment losses | [1] | 0 | 864 |
Stock-based compensation expenses | [1] | 6,363 | 4,582 |
Issuance of common stock for services | [1] | 698 | 697 |
Net decrease (increase) in other assets | [1] | (76,118) | (16,270) |
Net increase in other liabilities | [1] | 44,312 | 16,283 |
Net cash and cash equivalents provided by (used in) operating activities | [1] | 109,335 | 146,638 |
Investing activities: | |||
Purchases of AFS securities and restricted stock | (312,120) | (926,764) | |
Purchases of HTM securities | (47,217) | (228,104) | |
Proceeds from sales of AFS securities and restricted stock | 486,925 | 337,109 | |
Proceeds from maturities, calls and paydowns of AFS securities | 176,824 | 117,813 | |
Proceeds from maturities, calls and paydowns of HTM securities | 2,523 | 0 | |
Proceeds from sale of loans held for investment | 0 | 581,324 | |
Net increase in loans held for investment | (371,260) | (397,725) | |
Net increase in premises and equipment | (11,547) | (4,334) | |
Proceeds from sales of foreclosed properties and former bank premises | 5,329 | 3,617 | |
Cash paid in acquisitions | (12) | (14,284) | |
Cash acquired in acquisitions | 46,164 | 174,515 | |
Net cash and cash equivalents provided by (used in) investing activities | (24,391) | (356,833) | |
Financing activities: | |||
Net increase in noninterest-bearing deposits | 376,160 | 176,308 | |
Net increase in interest-bearing deposits | 471,204 | 119,095 | |
Net increase (decrease) in short-term borrowings | (896,622) | 27,722 | |
Cash paid for contingent considerations | (565) | (565) | |
Proceeds from issuance of long-term debt | 550,000 | 25,000 | |
Repayments of long-term debt | (160,614) | (10,000) | |
Cash dividends paid - common stock | (58,239) | (42,825) | |
Cancellation of warrants | 0 | (1,530) | |
Repurchase of common stock | (35,284) | ||
Issuance of common stock | 1,818 | 2,330 | |
Vesting of restricted stock, net of shares held for taxes | (2,081) | (2,501) | |
Net cash and cash equivalents provided by (used in) financing activities | 245,777 | 293,034 | |
Increase (decrease) in cash and cash equivalents | 330,721 | 82,839 | |
Cash and cash equivalents at beginning of the period | 261,199 | 199,373 | |
Cash and cash equivalents at end of the period | 591,920 | 282,212 | |
Cash payments for: | |||
Interest | 118,067 | 67,214 | |
Income taxes | 20,416 | 10,830 | |
Supplemental schedule of noncash investing and financing activities | |||
Transfers from loans (foreclosed properties) to foreclosed properties (loans) | 1,816 | 106 | |
Stock received as consideration for sale of loans held for investment | 0 | 28,193 | |
Securities transferred from HTM to AFS | 0 | 187,425 | |
Issuance of common stock in exchange for net assets in acquisitions | 499,974 | 794,809 | |
Transactions related to acquisitions | |||
Assets acquired | 2,855,993 | 3,252,377 | |
Liabilities assumed | [2] | $ 2,558,638 | $ 2,873,318 |
[1] | Discontinued operations have an immaterial impact to the Company’s Consolidated Statement of Cash Flows. The change in loans held for sale included in the Operating Activities section for the nine months ended September 30, 2018 are fully attributable to discontinued operations. | ||
[2] | 2018 includes contingent consideration related to DHFB and OAL acquisitions. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | 1. ACCOUNTING POLICIES The Company Headquartered in Richmond, Virginia, Atlantic Union Bankshares Corporation (formerly, Union Bankshares Corporation) (Nasdaq: AUB) is the holding company for Atlantic Union Bank (formerly, Union Bank & Trust). Atlantic Union Bank has 149 branches and approximately 170 ATMs located throughout Virginia and in portions of Maryland and North Carolina. Middleburg Financial is a brand name used by Atlantic Union Bank and certain affiliates when providing trust, wealth management, private banking, and investment advisory products and services. Certain non-bank affiliates of Atlantic Union Bank include: Old Dominion Capital Management, Inc., and its subsidiary Outfitter Advisors, Ltd., Dixon, Hubard, Feinour & Brown, Inc., and Middleburg Investment Services, LLC, which provide investment advisory and/or brokerage services; and Union Insurance Group, LLC, which offers various lines of insurance products. Effective May 17, 2019 (after market close), Union Bankshares Corporation changed its name to Atlantic Union Bankshares Corporation and Union Bank & Trust changed its name to Atlantic Union Bank. The name change was approved by the Board of Directors at the Company’s January 23, 2019 Board meeting and a related amendment to the Company’s articles of incorporation was approved by the Company’s shareholders at its 2019 Annual Meeting on May 2, 2019. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Significant inter-company transactions have been eliminated in consolidation. The unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and follow general practice within the banking industry. Accordingly, the unaudited consolidated financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements; however, in the opinion of management, all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of the interim periods presented have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other period. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s 2018 Form 10-K. Certain prior period amounts have been reclassified to conform to current period presentation. Business Combinations and Divestitures On February 1, 2019, the Company completed the acquisition of Access, a bank holding company based in Reston, Virginia for a purchase price of approximately $500.0 million. Access’s common stockholders received shares of common stock. In addition, the Company paid cash of approximately In connection with the transaction, the Company recorded $202.6 million in goodwill and $43.5 million of amortizable intangible assets, which primarily relate to core deposit intangibles. The Company currently estimates that these other intangible assets will be amortized over using various methods. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition. Affordable Housing Entities The Company invests in private investment funds that make equity investments in multifamily affordable housing properties that provide affordable housing and historic tax credits for these investments. The activities of these entities are financed with a combination of invested equity capital and debt. For the three and nine months ended September 30, 2019, the Company recognized amortization of $624,000 and $1.8 million, respectively, and tax credits of $806,000 and $2.1 million, respectively, associated with these investments within “Income tax expense” on the Company’s Consolidated Statements of Income. For the three and nine months ended September 30, 2018, the Company recognized amortization of $227,000 and $699,000, respectively, and tax credits of $275,000 and $839,000, respectively. The carrying value of the Company’s investments in these qualified affordable housing projects was $29.9 million and $10.8 million as of September 30, 2019 and December 31, 2018, respectively. At September 30, 2019 and December 31, 2018, the Company’s recorded liability totaled $12.8 million and $9.9 million, respectively, for the related unfunded commitments, which are expected to be paid throughout the years 2019 - 2033. Adoption of New Accounting Standards On January 1, 2019, the Company adopted ASU No. 2016-02, "Leases (Topic 842)." The adoption of this standard required lessees to recognize right of use assets and lease liabilities on the Consolidated Balance Sheets and disclose key information about leasing arrangements. The Company adopted this ASU on January 1, 2019 under the modified retrospective approach. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to not reassess the lease classification of existing leases, as well as not reassess whether any expired or existing contracts are or contain a lease; and maintain consistent treatment of initial direct costs on existing leases. In addition, the Company elected the short-term lease exemption practical expedient in which leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets. The Company also elected the practical expedient related to accounting for lease and non-lease components as a single lease component. Adoption of this standard resulted in the Company recording a lease liability of In August 2018, the FASB issued ASU No. 2018-15, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." This ASU amends the Intangibles—Goodwill and Other Topic of the Accounting Standards Codification to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU will be effective for the Company for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company adopted this standard in the first quarter of 2019 using the prospective approach. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
ACQUISITIONS | 2. ACQUISITIONS Access Acquisition On February 1, 2019, the Company completed its acquisition of Access National Corporation (and its subsidiaries), a bank holding company based in Reston, Virginia. Holders of shares of Access’s common stock received 0.75 shares of the Company’s common stock in exchange for each share of Access’s common stock, resulting in the Company issuing 15,842,026 shares of the Company’s common stock at a fair value of approximately $500.0 million. In addition, the Company paid cash of approximately $12,000 in lieu of fractional shares. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition, in accordance with ASC 350, Intangibles-Goodwill and Other The following table provides a preliminary assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands): Purchase Price: Fair value of shares of the Company's common stock issued $ 499,974 Cash paid for fractional shares 12 Total purchase price $ 499,986 Fair value of assets acquired: Cash and cash equivalents $ 46,164 Investments 464,742 Loans 2,173,481 Premises and equipment 28,001 Core deposit intangibles 40,860 Other assets 102,745 Total assets $ 2,855,993 Fair value of liabilities assumed: Deposits $ 2,227,073 Short-term borrowings 220,685 Long-term borrowings 70,535 Other liabilities 40,345 Total liabilities $ 2,558,638 Net assets acquired $ 297,355 Preliminary goodwill $ 202,631 The acquired loans were recorded at fair value at the acquisition date without carryover of Access’s previously established ALL. The fair value of the loans was determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and leases and then applying a market-based discount rate to those cash flows. In this regard, the acquired loans were segregated into pools based on loan type and credit risk. Loan type was determined based on collateral type, purpose, and lien position. Credit risk characteristics included risk rating groups (pass rated loans and adversely classified loans) and past due status. For valuation purposes, these pools were further disaggregated by maturity, pricing characteristics (e.g., fixed-rate, adjustable-rate) and re-payment structure (e.g., interest only, fully amortizing, balloon). If new information is obtained about facts and circumstances about expected cash flows that existed as of the acquisition date, management will adjust fair values in accordance with accounting for business combinations. The acquired loans were divided into loans with evidence of credit quality deterioration which are accounted for under ASC 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality Receivables - Nonrefundable Fees and Other Costs The following table presents the acquired impaired loans receivable at the acquisition date (dollars in thousands): Contractually required principal and interest payments $ 44,232 Nonaccretable difference (6,062) Cash flows expected to be collected 38,170 Accretable difference (5,060) Fair value of loans acquired with a deterioration of credit quality $ 33,110 The following table presents certain pro forma information as if Access had been acquired on January 1, 2018. These results combine the historical results of Access in the Company’s Consolidated Statements of Income and, while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on January 1, 2018. In particular, no adjustments have been made to eliminate the amount of Access’s provision for credit losses that would not have been necessary had the acquired loans been recorded at fair value as of January 1, 2018. Pro forma adjustments below include the net impact of accretion for 2018 and the elimination of merger-related costs for 2019. The Company expects to achieve further operating cost savings and other business synergies, including branch closures, as a result of the acquisition which are not reflected in the pro forma amounts below (dollars in thousands): Pro forma for the three Pro forma for the nine months ended months ended September 30, September 30, 2019 2018 2019 2018 Total revenues (1) $ 184,707 $ 159,128 $ 517,016 $ 500,505 Net income $ 54,847 $ 47,625 $ 160,635 $ 130,201 EPS $ 0.67 $ 0.58 $ 1.99 $ 1.60 (1) Includes net interest income and noninterest income. The revenue and earnings amounts specific to Access since the acquisition date that are included in the consolidated results for 2019 are not readily determinable. The disclosures of these amounts are impracticable due to the merging of certain processes and systems at the acquisition date. Merger-related costs associated with the acquisition of Access were $2.0 million and $25.6 for the three and nine months ended September 30, 2019 respectively; there were no merger-related costs associated with the acquisition of Access during the first nine months of 2018. Such costs include legal and accounting fees, lease and contract termination expenses, system conversion, and employee severances, which have been expensed as incurred. |
SECURITIES
SECURITIES | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | 3. SECURITIES Available for Sale The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of September 30, 2019 and December 31, 2018 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value September 30, 2019 U.S. government and agency securities $ 4,475 $ 15 $ — $ 4,490 Obligations of states and political subdivisions 411,690 26,935 (12) 438,613 Corporate and other bonds (1) 224,854 5,044 (374) 229,524 Mortgage-backed securities 1,215,263 28,872 (970) 1,243,165 Other securities 3,067 — — 3,067 Total AFS securities $ 1,859,349 $ 60,866 $ (1,356) $ 1,918,859 December 31, 2018 Obligations of states and political subdivisions $ 466,588 $ 3,844 $ (1,941) $ 468,491 Corporate and other bonds (1) 167,561 1,118 (983) 167,696 Mortgage-backed securities 1,138,034 4,452 (12,621) 1,129,865 Other securities 8,769 — — 8,769 Total AFS securities $ 1,780,952 $ 9,414 $ (15,545) $ 1,774,821 (1) Other bonds includes asset-backed securities. The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of September 30, 2019 and December 31, 2018 (dollars in thousands). These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2019 Obligations of states and political subdivisions $ 2,296 $ (12) $ — $ — $ 2,296 $ (12) Corporate bonds and other securities 25,341 (149) 25,306 (225) 50,647 (374) Mortgage-backed securities 89,649 (390) 74,540 (580) 164,189 (970) Total AFS securities $ 117,286 $ (551) $ 99,846 $ (805) $ 217,132 $ (1,356) December 31, 2018 Obligations of states and political subdivisions $ 133,513 $ (1,566) $ 10,145 $ (375) $ 143,658 $ (1,941) Corporate bonds and other securities 35,478 (315) 33,888 (668) 69,366 (983) Mortgage-backed securities 306,038 (3,480) 341,400 (9,141) 647,438 (12,621) Total AFS securities $ 475,029 $ (5,361) $ 385,433 $ (10,184) $ 860,462 $ (15,545) As of September 30, 2019, there were $99.9 million, or 56 issues, of individual AFS securities that had been in a continuous loss position for more than 12 months and had an aggregate unrealized loss of $805,000. As of December 31, 2018, there were $385.4 million, or 138 issues, of individual securities that had been in a continuous loss position for more than 12 months and had an aggregate unrealized loss of $10.2 million. The Company has determined that these securities were temporarily impaired at September 30, 2019 and December 31, 2018 for the reasons set out below: Obligations of state and political subdivisions. Corporate and other bonds. Mortgage-backed securities. The following table presents the amortized cost and estimated fair value of AFS securities as of September 30, 2019 and December 31, 2018, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2019 December 31, 2018 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 22,682 $ 22,805 $ 22,653 $ 22,789 Due after one year through five years 161,289 163,908 191,003 188,999 Due after five years through ten years 263,488 269,757 218,211 217,304 Due after ten years 1,411,890 1,462,389 1,349,085 1,345,729 Total AFS securities $ 1,859,349 $ 1,918,859 $ 1,780,952 $ 1,774,821 Refer to Note 8 "Commitments and Contingencies" for information regarding the estimated fair value of AFS securities that were pledged to secure public deposits, repurchase agreements, and for other purposes as permitted or required by law as of September 30, 2019 and December 31, 2018. Held to Maturity The Company reports HTM securities on the Company’s Consolidated Balance Sheets at carrying value. Carrying value is amortized cost which includes any unamortized unrealized gains and losses recognized in accumulated other comprehensive income prior to reclassifying the securities from AFS securities to HTM securities. Investment securities transferred into the HTM category from the AFS category are recorded at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in accumulated other comprehensive income and in the carrying value of the HTM securities. Such unrealized gains or losses are accreted over the remaining life of the security with no impact on future net income. The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of September 30, 2019 and December 31, 2018 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value September 30, 2019 Obligations of states and political subdivisions $ 546,515 $ 51,002 $ — $ 597,517 Mortgage-backed securities 10,064 135 — 10,199 Total held-to-maturity securities $ 556,579 $ 51,137 $ — $ 607,716 December 31, 2018 Obligations of states and political subdivisions $ 492,272 $ 7,375 $ (146) $ 499,501 The following table shows the gross unrealized losses and fair value (dollars in thousands) of the Company’s HTM securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of September 30, 2019 and December 31, 2018 (dollars in thousands). These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2019 Obligations of states and political subdivisions $ — $ — $ — $ — $ — $ — December 31, 2018 Obligations of states and political subdivisions $ 43,206 $ (146) $ — $ — $ 43,206 $ (146) As of September 30, 2019 there were no unrealized losses for individual HTM securities. As of December 31, 2018 there were no issues of individual HTM securities that had been in a continuous loss position for more than 12 months. The following table presents the amortized cost and estimated fair value of HTM securities as of September 30, 2019 and December 31, 2018, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Due in one year or less $ 504 $ 507 $ — $ — Due after one year through five years 8,934 9,165 3,893 3,900 Due after five years through ten years 3,160 3,247 3,480 3,507 Due after ten years 543,981 594,797 484,899 492,094 Total HTM securities $ 556,579 $ 607,716 $ 492,272 $ 499,501 Refer to Note 8 "Commitments and Contingencies" for information regarding the estimated fair value of HTM securities that were pledged to secure public deposits as permitted or required by law as of September 30, 2019 and December 31, 2018. Restricted Stock, at cost Due to restrictions placed upon the Bank’s common stock investment in the Federal Reserve Bank and FHLB, these securities have been classified as restricted equity securities and carried at cost. These restricted securities are not subject to the investment security classifications and are included as a separate line item on the Company’s Consolidated Balance Sheets. At September 30, 2019 and December 31, 2018, the FHLB required the Bank to maintain stock in an amount equal to 4.25% of outstanding borrowings and a specific percentage of the Bank’s total assets. The Federal Reserve Bank required the Bank to maintain stock with a par value equal to 6% of the Bank’s outstanding capital at both September 30, 2019 and December 31, 2018. Restricted equity securities consist of Federal Reserve Bank stock in the amount of $67.0 million and $52.6 million for September 30, 2019 and December 31, 2018 and FHLB stock in the amount of $65.4 million and $72.0 million as of September 30, 2019 and December 31, 2018, respectively. Other-Than-Temporary-Impairment During each quarter, the Company conducts an assessment of the securities portfolio for OTTI consideration. The assessment considers factors such as external credit ratings, delinquency coverage ratios, market price, management’s judgment, expectations of future performance, and relevant industry research and analysis. An impairment is other-than-temporary if any of the following conditions exist: the entity intends to sell the security; it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis; or the entity does not expect to recover the security’s entire amortized cost basis (even if the entity does not intend to sell). If a credit loss exists, but an entity does not intend to sell the impaired debt security and is not more likely than not to be required to sell before recovery, the impairment is other-than-temporary and should be separated into a credit portion to be recognized in earnings and the remaining amount relating to all other factors recognized as other comprehensive loss. Based on the assessment for the three and nine months ended September 30, 2019, and in accordance with accounting guidance, no OTTI was recognized. Realized Gains and Losses The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three and nine months ended September 30, 2019 and 2018 (dollars in thousands). Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Realized gains (losses): Gross realized gains $ 7,104 $ 9,161 Gross realized losses — (1,855) Net realized gains $ 7,104 $ 7,306 Proceeds from sales of securities $ 98,975 $ 486,925 Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Realized gains (losses): Gross realized gains $ 97 $ 2,890 Gross realized losses — (2,668) Net realized gains $ 97 $ 222 Proceeds from sales of securities $ 27,593 $ 337,109 |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 9 Months Ended |
Sep. 30, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | 4. LOANS AND ALLOWANCE FOR LOAN LOSSES Loans are stated at their face amount, net of deferred fees and costs, and consist of the following at September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 December 31, 2018 Construction and Land Development $ 1,201,149 $ 1,194,821 Commercial Real Estate - Owner Occupied 1,979,052 1,337,345 Commercial Real Estate - Non-Owner Occupied 3,198,580 2,467,410 Multifamily Real Estate 659,946 548,231 Commercial & Industrial 2,058,133 1,317,135 Residential 1-4 Family - Commercial 721,185 640,419 Residential 1-4 Family - Consumer 913,245 673,909 Auto 328,456 301,943 HELOC 660,963 613,383 Consumer 386,848 379,694 Other Commercial 199,440 241,917 Total loans held for investment, net (1) $ 12,306,997 $ 9,716,207 (1) Loans, as presented, are net of deferred fees and costs totaling $8.1 million and $5.1 million as of September 30, 2019 and December 31, 2018, respectively. The following table shows the aging of the Company’s loan portfolio, by segment, at September 30, 2019 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Past Due Past Due still Accruing PCI Nonaccrual Current Total Loans Construction and Land Development $ 1,062 $ 351 $ 171 $ 8,387 $ 7,785 $ 1,183,393 $ 1,201,149 Commercial Real Estate - Owner Occupied 4,977 — 2,571 27,817 5,684 1,938,003 1,979,052 Commercial Real Estate - Non-Owner Occupied 5,757 1,878 36 17,285 381 3,173,243 3,198,580 Multifamily Real Estate 107 164 1,212 93 — 658,370 659,946 Commercial & Industrial 2,079 1,946 265 3,262 1,585 2,048,996 2,058,133 Residential 1-4 Family - Commercial 1,842 3,081 916 12,237 3,879 699,230 721,185 Residential 1-4 Family - Consumer 1,527 5,182 3,815 14,977 8,292 879,452 913,245 Auto 1,787 407 183 7 604 325,468 328,456 HELOC 4,965 1,747 1,674 4,275 1,641 646,661 660,963 Consumer 2,000 1,666 1,163 682 84 381,253 386,848 Other Commercial 579 9 30 713 97 198,012 199,440 Total loans held for investment $ 26,682 $ 16,431 $ 12,036 $ 89,735 $ 30,032 $ 12,132,081 $ 12,306,997 The following table shows the aging of the Company’s loan portfolio, by segment, at December 31, 2018 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Past Due Past Due still Accruing PCI Nonaccrual Current Total Loans Construction and Land Development $ 759 $ 6 $ 180 $ 8,654 $ 8,018 $ 1,177,204 $ 1,194,821 Commercial Real Estate - Owner Occupied 8,755 1,142 3,193 25,644 3,636 1,294,975 1,337,345 Commercial Real Estate - Non-Owner Occupied 338 41 — 17,335 1,789 2,447,907 2,467,410 Multifamily Real Estate — 146 — 88 — 547,997 548,231 Commercial & Industrial 3,353 389 132 2,156 1,524 1,309,581 1,317,135 Residential 1-4 Family - Commercial 6,619 1,577 1,409 13,601 2,481 614,732 640,419 Residential 1-4 Family - Consumer 12,049 5,143 2,437 16,872 7,276 630,132 673,909 Auto 3,320 403 195 7 576 297,442 301,943 HELOC 4,611 1,644 440 5,115 1,518 600,055 613,383 Consumer 1,504 1,096 870 32 135 376,057 379,694 Other Commercial 126 — — 717 — 241,074 241,917 Total loans held for investment $ 41,434 $ 11,587 $ 8,856 $ 90,221 $ 26,953 $ 9,537,156 $ 9,716,207 The following table shows the PCI loan portfolios, by segment and their delinquency status, at September 30, 2019 (dollars in thousands): 30-89 Days Greater than Past Due 90 Days Current Total Construction and Land Development $ 126 $ 399 $ 7,862 $ 8,387 Commercial Real Estate - Owner Occupied 526 3,262 24,029 27,817 Commercial Real Estate - Non-Owner Occupied 137 980 16,168 17,285 Multifamily Real Estate — — 93 93 Commercial & Industrial — 1,043 2,219 3,262 Residential 1-4 Family - Commercial 421 479 11,337 12,237 Residential 1-4 Family - Consumer 844 1,912 12,221 14,977 Auto — — 7 7 HELOC 208 287 3,780 4,275 Consumer 4 15 663 682 Other Commercial — — 713 713 Total $ 2,266 $ 8,377 $ 79,092 $ 89,735 The following table shows the PCI loan portfolios, by segment and their delinquency status, at December 31, 2018 (dollars in thousands): 30-89 Days Greater than Past Due 90 Days Current Total Construction and Land Development $ 108 $ 1,424 $ 7,122 $ 8,654 Commercial Real Estate - Owner Occupied 658 4,281 20,705 25,644 Commercial Real Estate - Non-Owner Occupied 61 1,810 15,464 17,335 Multifamily Real Estate — — 88 88 Commercial & Industrial 47 1,092 1,017 2,156 Residential 1-4 Family - Commercial 871 3,454 9,276 13,601 Residential 1-4 Family - Consumer 1,959 2,422 12,491 16,872 Auto — — 7 7 HELOC 498 252 4,365 5,115 Consumer 5 9 18 32 Other Commercial 57 — 660 717 Total $ 4,264 $ 14,744 $ 71,213 $ 90,221 The Company measures the amount of impairment by evaluating loans either in their collective homogeneous pools or individually. The following table shows the Company’s impaired loans, excluding PCI loans, by segment at September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 December 31, 2018 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance Loans without a specific allowance Construction and Land Development $ 9,776 $ 14,131 $ — $ 10,290 $ 12,038 $ — Commercial Real Estate - Owner Occupied 9,362 9,966 — 8,386 9,067 — Commercial Real Estate - Non-Owner Occupied 2,028 2,578 — 6,578 6,929 — Multifamily Real Estate 1,212 1,212 — — — — Commercial & Industrial 2,205 2,221 — 3,059 3,251 — Residential 1-4 Family - Commercial 4,330 4,598 — 3,378 3,439 — Residential 1-4 Family - Consumer 9,432 10,006 — 9,642 10,317 — HELOC 864 867 — 1,150 1,269 — Consumer — — — 30 102 — Other Commercial — — — 478 478 — Total impaired loans without a specific allowance $ 39,209 $ 45,579 $ — $ 42,991 $ 46,890 $ — Loans with a specific allowance Construction and Land Development $ 829 $ 868 $ 78 $ 372 $ 491 $ 63 Commercial Real Estate - Owner Occupied 3,570 3,685 234 4,304 4,437 359 Commercial Real Estate - Non-Owner Occupied 336 384 3 391 391 1 Commercial & Industrial 1,783 1,810 866 1,183 1,442 752 Residential 1-4 Family - Commercial 1,763 1,807 170 2,120 2,152 89 Residential 1-4 Family - Consumer 10,047 10,631 805 6,389 6,645 470 Auto 605 905 239 576 830 231 HELOC 1,177 1,312 262 724 807 188 Consumer 180 345 50 178 467 64 Other Commercial 565 569 27 — — — Total impaired loans with a specific allowance $ 20,855 $ 22,316 $ 2,734 $ 16,237 $ 17,662 $ 2,217 Total impaired loans $ 60,064 $ 67,895 $ 2,734 $ 59,228 $ 64,552 $ 2,217 The following tables show the average recorded investment and interest income recognized for the Company’s impaired loans, excluding PCI loans, by segment for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Interest Interest Average Income Average Income Investment Recognized Investment Recognized Construction and Land Development $ 13,581 $ 40 $ 13,601 $ 351 Commercial Real Estate - Owner Occupied 13,301 85 13,436 339 Commercial Real Estate - Non-Owner Occupied 2,748 26 3,543 82 Multifamily Real Estate 1,217 15 1,234 46 Commercial & Industrial 3,986 41 4,046 129 Residential 1-4 Family - Commercial 6,334 41 6,521 125 Residential 1-4 Family - Consumer 19,802 75 20,007 264 Auto 691 — 781 9 HELOC 2,125 5 2,242 31 Consumer 184 2 192 5 Other Commercial 570 7 579 21 Total impaired loans $ 64,539 $ 337 $ 66,182 $ 1,402 Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Interest Interest Average Income Average Income Investment Recognized Investment Recognized Construction and Land Development $ 12,481 $ 63 $ 12,083 $ 203 Commercial Real Estate - Owner Occupied 11,873 102 11,966 322 Commercial Real Estate - Non-Owner Occupied 6,932 57 7,141 175 Commercial & Industrial 2,607 15 2,713 57 Residential 1-4 Family - Commercial 4,233 29 4,322 105 Residential 1-4 Family - Consumer 16,570 48 16,693 162 Auto 609 — 685 12 HELOC 1,800 4 1,871 14 Consumer 180 — 218 — Other Commercial 509 7 538 22 Total impaired loans $ 57,794 $ 325 $ 58,230 $ 1,072 The Company considers TDRs to be impaired loans. A modification of a loan’s terms constitutes a TDR if the creditor grants a concession that it would not otherwise consider to the borrower for economic or legal reasons related to the borrower’s financial difficulties. All loans that are considered to be TDRs are evaluated for impairment in accordance with the Company’s allowance for loan loss methodology and are included in the preceding impaired loan tables. For the three and nine months ended September 30, 2019, the recorded investment in TDRs prior to modifications was not materially impacted by the modifications. The following table provides a summary, by segment, of TDRs that continue to accrue interest under the terms of the applicable restructuring agreement, which are considered to be performing, and TDRs that have been placed on nonaccrual status, which are considered to be nonperforming, as of September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 December 31, 2018 No. of Recorded Outstanding No. of Recorded Outstanding Loans Investment Commitment Loans Investment Commitment Performing Construction and Land Development 4 $ 1,130 $ — 5 $ 2,496 $ — Commercial Real Estate - Owner Occupied 6 2,228 — 8 2,783 — Commercial Real Estate - Non-Owner Occupied 1 1,089 — 4 4,438 — Commercial & Industrial 5 1,123 — 4 978 — Residential 1-4 Family - Commercial 5 293 — 8 1,075 — Residential 1-4 Family - Consumer 64 8,738 — 52 6,882 — HELOC 2 56 — 2 58 — Consumer 4 31 — 1 13 — Other Commercial 1 468 — 1 478 — Total performing 92 $ 15,156 $ — 85 $ 19,201 $ — Nonperforming Construction and Land Development — $ — $ — 2 $ 3,474 $ — Commercial Real Estate - Owner Occupied 2 180 — 2 198 — Commercial & Industrial 1 56 — 6 461 — Residential 1-4 Family - Commercial — — — 1 60 — Residential 1-4 Family - Consumer 18 3,288 — 15 3,135 — HELOC 2 58 — 2 62 — Consumer — — — 1 7 — Total nonperforming 23 $ 3,582 $ — 29 $ 7,397 $ — Total performing and nonperforming 115 $ 18,738 $ — 114 $ 26,598 $ — The Company considers a default of a TDR to occur when the borrower is 90 days past due following the restructure or a foreclosure and repossession of the applicable collateral occurs. During the three and nine months ended September 30, 2019 and 2018, the Company did not have any material loans that went into default that had been restructured in the twelve-month period prior to the time of default. The following table shows, by segment and modification type, TDRs that occurred during the three and nine months ended September 30, 2019 (dollars in thousands): All Restructurings Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Recorded Recorded No. of Investment at No. of Investment at Loans Period End Loans Period End Modified to interest only, at a market rate Total interest only at market rate of interest — $ — — $ — Term modification, at a market rate Commercial & Industrial 1 $ 376 1 $ 376 Residential 1-4 Family - Commercial — — 1 73 Residential 1-4 Family - Consumer 1 461 4 761 Consumer 2 18 3 26 Total loan term extended at a market rate 4 $ 855 9 $ 1,236 Term modification, below market rate Construction and Land Development 2 $ 164 2 $ 164 Residential 1-4 Family - Consumer 5 883 17 2,211 Consumer — — 1 5 Total loan term extended at a below market rate 7 $ 1,047 20 $ 2,380 Total 11 $ 1,902 29 $ 3,616 The following table shows, by segment and modification type, TDRs that occurred during the three and nine months ended September 30, 2018 (dollars in thousands): All Restructurings Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Recorded Recorded No. of Investment at No. of Investment at Loans Period End Loans Period End Modified to interest only, at a market rate Total interest only at market rate of interest — $ — — $ — Term modification, at a market rate Construction and Land Development 2 $ 3,545 4 $ 4,809 Commercial Real Estate - Owner Occupied — — 5 1,371 Commercial Real Estate - Non-Owner Occupied 1 1,089 1 1,089 Commercial & Industrial 2 278 3 339 Residential 1-4 Family - Commercial — — 1 71 Residential 1-4 Family - Consumer — — 6 759 Consumer 1 14 1 14 Total loan term extended at a market rate 6 $ 4,926 21 $ 8,452 Term modification, below market rate Commercial Real Estate - Non-Owner Occupied 1 $ 2,782 1 $ 2,782 Residential 1-4 Family - Consumer 9 1,598 16 2,612 HELOC 2 46 2 46 Total loan term extended at a below market rate 12 $ 4,426 19 $ 5,440 Total 18 $ 9,352 40 $ 13,892 The following tables show the ALL activity by segment for the nine months ended September 30, 2019 and 2018. The tables below include the provision for loan losses. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands): Nine Months Ended September 30, 2019 Allowance for loan losses Balance, Recoveries Loans Provision Balance, beginning of credited to charged charged to end of the year allowance off operations period Construction and Land Development $ 6,803 $ 269 $ (4,028) $ 2,863 $ 5,907 Commercial Real Estate - Owner Occupied 4,023 118 (483) 361 4,019 Commercial Real Estate - Non-Owner Occupied 8,865 95 (270) 996 9,686 Multifamily Real Estate 649 85 — 46 780 Commercial & Industrial 7,636 936 (2,162) 2,739 9,149 Residential 1-4 Family - Commercial 1,692 244 (397) 50 1,589 Residential 1-4 Family - Consumer 1,492 256 (108) 158 1,798 Auto 1,443 452 (957) 614 1,552 HELOC 1,297 589 (570) (179) 1,137 Consumer and all other (1) 7,145 1,896 (12,215) 11,377 8,203 Total $ 41,045 $ 4,940 $ (21,190) $ 19,025 $ 43,820 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. Nine Months Ended September 30, 2018 Allowance for loan losses Balance, Recoveries Loans Provision Balance, beginning of credited to charged charged to end of the year allowance off operations period Construction and Land Development $ 9,709 $ 400 $ (703) $ (1,218) $ 8,188 Commercial Real Estate - Owner Occupied 2,931 488 (174) (300) 2,945 Commercial Real Estate - Non-Owner Occupied 7,544 82 (94) 806 8,338 Multifamily Real Estate 1,092 5 — 525 1,622 Commercial & Industrial 4,552 413 (692) 2,429 6,702 Residential 1-4 Family - Commercial 4,437 306 (137) (2,512) 2,094 Residential 1-4 Family - Consumer 1,524 235 (640) 770 1,889 Auto 975 365 (759) 760 1,341 HELOC 1,360 554 (488) (70) 1,356 Consumer and all other (1) 4,084 1,234 (6,412) 7,913 6,819 Total $ 38,208 $ 4,082 $ (10,099) $ 9,103 $ 41,294 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following tables show the loan and ALL balances based on impairment methodology by segment as of September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 Loans individually Loans collectively Loans acquired with evaluated for evaluated for deteriorated credit impairment impairment quality Total Loans ALL Loans ALL Loans ALL Loans ALL Construction and Land Development $ 10,605 $ 78 $ 1,182,157 $ 5,829 $ 8,387 $ — $ 1,201,149 $ 5,907 Commercial Real Estate - Owner Occupied 12,932 234 1,938,303 3,785 27,817 — 1,979,052 4,019 Commercial Real Estate - Non-Owner Occupied 2,364 3 3,178,931 9,683 17,285 — 3,198,580 9,686 Multifamily Real Estate 1,212 — 658,641 780 93 — 659,946 780 Commercial & Industrial 3,988 866 2,050,883 8,066 3,262 217 2,058,133 9,149 Residential 1-4 Family - Commercial 6,093 170 702,855 1,419 12,237 — 721,185 1,589 Residential 1-4 Family - Consumer 19,479 805 878,789 993 14,977 — 913,245 1,798 Auto 605 239 327,844 1,313 7 — 328,456 1,552 HELOC 2,041 262 654,647 875 4,275 — 660,963 1,137 Consumer and all other (1) 745 77 584,148 8,126 1,395 — 586,288 8,203 Total loans held for investment, net $ 60,064 $ 2,734 $ 12,157,198 $ 40,869 $ 89,735 $ 217 $ 12,306,997 $ 43,820 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. December 31, 2018 Loans individually Loans collectively Loans acquired with evaluated for evaluated for deteriorated credit impairment impairment quality Total Loans ALL Loans ALL Loans ALL Loans ALL Construction and Land Development $ 10,662 $ 63 $ 1,175,505 $ 6,740 $ 8,654 $ — $ 1,194,821 $ 6,803 Commercial Real Estate - Owner Occupied 12,690 359 1,299,011 3,664 25,644 — 1,337,345 4,023 Commercial Real Estate - Non-Owner Occupied 6,969 1 2,443,106 8,864 17,335 — 2,467,410 8,865 Multifamily Real Estate — — 548,143 649 88 — 548,231 649 Commercial & Industrial 4,242 752 1,310,737 6,884 2,156 — 1,317,135 7,636 Residential 1-4 Family - Commercial 5,498 89 621,320 1,603 13,601 — 640,419 1,692 Residential 1-4 Family - Consumer 16,031 470 641,006 1,022 16,872 — 673,909 1,492 Auto 576 231 301,360 1,212 7 — 301,943 1,443 HELOC 1,874 188 606,394 1,109 5,115 — 613,383 1,297 Consumer and all other (1) 686 64 620,176 7,081 749 — 621,611 7,145 Total loans held for investment, net $ 59,228 $ 2,217 $ 9,566,758 $ 38,828 $ 90,221 $ — $ 9,716,207 $ 41,045 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The Company uses a risk rating system and past due status as the primary credit quality indicators for the loan categories. The risk rating system on a scale of 0 through 9 is used to determine risk level as used in the calculation of the ALL; on those loans without a risk rating, the Company uses past due status to determine risk level. The risk levels, as described below, do not necessarily follow the regulatory definitions of risk levels with the same name. A general description of the characteristics of the risk levels follows: Pass is determined by the following criteria: ● Risk rated 0 loans have little or no risk and are with General Obligation Municipal Borrowers; ● Risk rated 1 loans have little or no risk and are generally secured by cash or cash equivalents; ● Risk rated 2 loans have minimal risk to well qualified borrowers and no significant questions as to safety; ● Risk rated 3 loans are satisfactory loans with strong borrowers and secondary sources of repayment; ● Risk rated 4 loans are satisfactory loans with borrowers not as strong as risk rated 3 loans and may exhibit a greater degree of financial risk based on the type of business supporting the loan; or ● Loans that are not risk rated but that are 0 to 29 days past due. Watch & Special Mention is determined by the following criteria: ● Risk rated 5 loans are watch loans that warrant more than the normal level of supervision and have the possibility of an event occurring that may weaken the borrower’s ability to repay; ● Risk rated 6 loans have increasing potential weaknesses beyond those at which the loan originally was granted and if not addressed could lead to inadequately protecting the Company’s credit position; or ● Loans that are not risk rated but that are 30 to 89 days past due. Substandard is determined by the following criteria: ● Risk rated 7 loans are substandard loans and are inadequately protected by the current sound worth or paying capacity of the obligor or the collateral pledged; these have well defined weaknesses that jeopardize the liquidation of the debt with the distinct possibility the Company will sustain some loss if the deficiencies are not corrected; or ● Loans that are not risk rated but that are 90 to 149 days past due. Doubtful is determined by the following criteria: ● Risk rated 8 loans are doubtful of collection and the possibility of loss is high but pending specific borrower plans for recovery, its classification as a loss is deferred until its more exact status is determined; ● Risk rated 9 loans are loss loans which are considered uncollectable and of such little value that their continuance as bankable assets is not warranted; or ● Loans that are not risk rated but that are over 149 days past due. The following table shows the recorded investment in all loans, excluding PCI loans, by segment with their related risk level as of September 30, 2019 (dollars in thousands): Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development $ 1,148,732 $ 33,136 $ 10,894 $ — $ 1,192,762 Commercial Real Estate - Owner Occupied 1,850,909 78,451 21,730 145 1,951,235 Commercial Real Estate - Non-Owner Occupied 3,124,018 54,884 2,297 96 3,181,295 Multifamily Real Estate 645,193 13,448 1,212 — 659,853 Commercial & Industrial 1,949,546 99,337 5,988 — 2,054,871 Residential 1-4 Family - Commercial 679,023 22,772 7,153 — 708,948 Residential 1-4 Family - Consumer 871,391 4,584 22,293 — 898,268 Auto 324,396 1,990 2,063 — 328,449 HELOC 644,019 6,529 6,140 — 656,688 Consumer 384,744 1,182 240 — 386,166 Other Commercial 196,511 2,057 159 — 198,727 Total $ 11,818,482 $ 318,370 $ 80,169 $ 241 $ 12,217,262 The following table shows the recorded investment in all loans, excluding PCI loans, by segment with their related risk level as of December 31, 2018 (dollars in thousands): Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development $ 1,130,577 $ 43,894 $ 11,696 $ — $ 1,186,167 Commercial Real Estate - Owner Occupied 1,231,422 50,939 29,340 — 1,311,701 Commercial Real Estate - Non-Owner Occupied 2,425,500 17,648 6,927 — 2,450,075 Multifamily Real Estate 537,572 10,571 — — 548,143 Commercial & Industrial 1,273,549 34,864 6,566 — 1,314,979 Residential 1-4 Family - Commercial 606,955 14,876 4,987 — 626,818 Residential 1-4 Family - Consumer 624,346 17,065 15,626 — 657,037 Auto 296,907 3,590 1,439 — 301,936 HELOC 598,444 6,316 3,508 — 608,268 Consumer 378,873 547 242 — 379,662 Other Commercial 239,857 864 479 — 241,200 Total $ 9,344,002 $ 201,174 $ 80,810 $ — $ 9,625,986 The following table shows the recorded investment in only PCI loans by segment with their related risk level as of September 30, 2019 (dollars in thousands): Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development $ 1,233 $ 3,993 $ 3,161 $ — $ 8,387 Commercial Real Estate - Owner Occupied 8,273 10,845 8,699 — 27,817 Commercial Real Estate - Non-Owner Occupied 3,855 9,533 3,897 — 17,285 Multifamily Real Estate — 93 — — 93 Commercial & Industrial 115 57 3,090 — 3,262 Residential 1-4 Family - Commercial 6,490 2,780 2,967 — 12,237 Residential 1-4 Family - Consumer 10,074 233 4,670 — 14,977 Auto 3 — 4 — 7 HELOC 3,092 607 576 — 4,275 Consumer 660 4 18 — 682 Other Commercial 122 591 — — 713 Total $ 33,917 $ 28,736 $ 27,082 $ — $ 89,735 The following table shows the recorded investment in only PCI loans by segment with their related risk level as of December 31, 2018 (dollars in thousands): Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development $ 1,835 $ 1,308 $ 5,511 $ — $ 8,654 Commercial Real Estate - Owner Occupied 8,347 6,685 10,612 — 25,644 Commercial Real Estate - Non-Owner Occupied 4,789 7,992 4,554 — 17,335 Multifamily Real Estate — 88 — — 88 Commercial & Industrial 762 134 1,260 — 2,156 Residential 1-4 Family - Commercial 6,476 2,771 4,354 — 13,601 Residential 1-4 Family - Consumer 9,930 1,030 5,912 — 16,872 Auto 7 — — — 7 HELOC 3,438 1,031 646 — 5,115 Consumer 17 — 15 — 32 Other Commercial 57 660 — — 717 Total $ 35,658 $ 21,699 $ 32,864 $ — $ 90,221 Loans acquired are originally recorded at fair value, with certain loans being identified as impaired at the date of purchase. The fair values were determined based on the credit quality of the portfolio, expected future cash flows, and timing of those expected future cash flows. The following shows changes in the accretable yield for loans accounted for under ASC 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality, For the Nine Months Ended September 30, 2019 2018 Balance at beginning of period $ 31,201 $ 14,563 Additions 2,432 12,225 Accretion (9,830) (6,666) Reclass of nonaccretable difference due to improvement in expected cash flows 1,372 360 Measurement period adjustment 2,629 2,981 Other, net (1) 5,083 1,845 Balance at end of period $ 32,887 $ 25,308 (1) This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate PCI loans, and discounted payoffs that occurred in the quarter. The carrying value of the Company’s PCI loan portfolio, accounted for under ASC 310-30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality Receivables – Nonrefundable Fees and Other Costs |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 5. INTANGIBLE ASSETS The Company’s intangible assets consist of core deposits, goodwill, and other intangibles arising from acquisitions. The Company has determined that core deposit intangibles have finite lives and amortizes them over their estimated useful lives. Core deposit intangibles are being amortized over the period of expected benefit, which ranges from 5 to 10 years, using an accelerated method. Other amortizable intangible assets are being amortized over the period of expected benefit, which ranges from 5 to 10 years, using various methods. Refer to Note 2 "Acquisitions" for further information regarding intangible assets. In accordance with ASC 350, Intangibles-Goodwill and Other, Amortization expense of intangibles for the three and nine months ended September 30, 2019 totaled $4.8 million and $13.9 million, respectively; and for the three and nine months ended September 30, 2018 totaled $3.5 million and $9.9 million, respectively. As of September 30, 2019, the estimated remaining amortization expense of intangibles is as follows for the years ending (dollars in thousands): For the remaining three months of 2019 $ 4,573 2020 16,483 2021 13,874 2022 11,490 2023 9,687 Thereafter 22,134 Total estimated amortization expense $ 78,241 |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
LEASES | 6. LEASES The Company leases branch locations, office space, land, and equipment. The Company determines if an arrangement is a lease at inception. As of September 30, 2019, all leases have been classified as operating leases with approximately 160 non-cancellable operating leases where the Company is the lessee. The Company does not have any material arrangements where the Company is the lessor or in a sublease contract. Leases where the Company is a lessee are primarily for real estate leases with remaining lease terms of up to 30 years. The Company’s real estate lease agreements do not contain residual value guarantees and most agreements do not contain restrictive covenants. At September 30, 2019, the total ROU Asset was $57.0 million and total operating lease liabilities were $68.8 million. Total operating lease expenses for the three and nine months ended September 30, 2019 were $2.9 million and $8.9 million, respectively. Operating leases have been reported on the Company’s Consolidated Balance Sheets as an operating ROU Asset within Other Assets and an operating lease liability within Other Liabilities. The ROU Asset represents the Company’s right to use an underlying asset over the course of the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease liabilities are recognized at the commencement date based on the present value of the remaining lease payments, discounted using the incremental borrowing rate. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating ROU Asset is recognized at commencement date based on the initial measurement of the lease liability, any lease payments made excluding lease incentives, and any initial direct costs incurred. Total lease expenses are recorded in Occupancy Expense within noninterest expense on the Company’s Consolidated Statement of Income. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Most of the Company’s leases include one or more options to renew, however, the Company is not reasonably certain to exercise those options and therefore does not include the renewal options in the measurement of the ROU Asset and lease liabilities As of September 30, 2019, the Company had no material operating leases that have not yet commenced that create significant rights and obligations, and no sales leaseback transactions. Maturities of operating lease liabilities as of September 30, 2019 are as follows for the years ending (dollars in thousands): For the remaining three months of 2019 $ 3,335 2020 12,392 2021 10,713 2022 9,934 2023 9,022 2024 7,741 Thereafter 19,588 Total future lease payments 72,725 Less: Interest 3,917 Present value of lease liabilities $ 68,808 Other lease information is as follows (dollars in thousands): September 30, 2019 Lease Term and Discount Rate of Operating leases: Weighted-average remaining lease term (years) 8.56 Weighted-average discount rate (1) 2.78 % Cash paid for amounts included in measurement of lease liabilities: Operating Cash Flows from Operating Leases $ 10,327 Right-of-use assets obtained in exchange for lease obligations: Operating leases 5,979 (1) An incremental borrowing rate is used based on information available at commencement date of lease. |
BORROWINGS
BORROWINGS | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
BORROWINGS | 7. BORROWINGS Short-term Borrowings The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Total short-term borrowings consist primarily of advances from the FHLB, federal funds purchased (which are secured overnight borrowings from other financial institutions), and other lines of credit. Also included in total short-term borrowings are securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold. Total short-term borrowings consist of the following as of September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, December 31, 2019 2018 Securities sold under agreements to repurchase $ 67,260 $ 39,197 Federal Funds Purchased — — FHLB Advances 344,600 1,043,600 Other short-term borrowings — 5,000 Total short-term borrowings $ 411,860 $ 1,087,797 Maximum month-end outstanding balance $ 509,949 $ 1,087,797 Average outstanding balance during the period 804,644 968,014 Average interest rate (during the period) 2.38 % 1.91 % Average interest rate at end of period 1.97 % 2.43 % The Bank maintains federal funds lines with several correspondent banks, the remaining available balance of which was $647.0 million and $382.0 million at September 30, 2019 and December 31, 2018, respectively. The Company maintains an alternate line of credit at a correspondent bank, the available balance of which was $25.0 million at both September 30, 2019 and December 31, 2018. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with these lines and is considered to be in compliance with such covenants as of September 30, 2019. Additionally, the Company had a collateral dependent line of credit with the FHLB of up to $5.1 billion and $4.0 billion at September 30, 2019 and December 31, 2018, respectively. Long-term Borrowings In connection with several previous bank acquisitions, the Company issued and acquired trust preferred capital notes of $58.5 million and $87.0 million, respectively. Most recently, in connection with the acquisition of Access on February 1, 2019, the Company acquired additional trust preferred capital notes totaling $5.0 million. The remaining fair value discount on all acquired trust preferred capital notes was $15.1 million at September 30, 2019. The trust preferred capital notes currently qualify for Tier 2 capital of the Company for regulatory purposes. Trust preferred capital notes consist of the following as of September 30, 2019: Trust Preferred Capital Spread to Securities (1) Investment (1) 3-Month LIBOR Rate (2) Maturity Trust Preferred Capital Note - Statutory Trust I $ 22,500,000 $ 696,000 2.75 % 4.84 % 6/17/2034 Trust Preferred Capital Note - Statutory Trust II 36,000,000 1,114,000 1.40 % 3.49 % 6/15/2036 VFG Limited Liability Trust I Indenture 20,000,000 619,000 2.73 % 4.82 % 3/18/2034 FNB Statutory Trust II Indenture 12,000,000 372,000 3.10 % 5.19 % 6/26/2033 Gateway Capital Statutory Trust I 8,000,000 248,000 3.10 % 5.19 % 9/17/2033 Gateway Capital Statutory Trust II 7,000,000 217,000 2.65 % 4.74 % 6/17/2034 Gateway Capital Statutory Trust III 15,000,000 464,000 1.50 % 3.59 % 5/30/2036 Gateway Capital Statutory Trust IV 25,000,000 774,000 1.55 % 3.64 % 7/30/2037 MFC Capital Trust II 5,000,000 155,000 2.85 % 4.94 % 1/23/2034 Total $ 150,500,000 $ 4,659,000 (1) The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Company’s junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company’s investment in the trusts is reported in "Other Assets" on the Company’s Consolidated Balance Sheets. (2) Rate as of September 30, 2019. During the fourth quarter of 2016, the Company issued $150.0 million of fixed-to-floating rate subordinated notes with an initial fixed interest rate of 5.00% through December 15, 2021. The interest rate then changes to a floating rate of LIBOR plus 3.175% through its maturity date on December 15, 2026. In connection with the acquisition of Xenith on January 1, 2018, the Company acquired $8.5 million of subordinated notes with a fair value premium of $259,000, which was $77,000 at September 30, 2019. The acquired subordinated notes have a fixed interest rate of 6.75% and a maturity date of June 30, 2025. At September 30, 2019 and December 31, 2018, the contractual principal reported for subordinated notes was $158.5 million; remaining issuance discount as of September 30, 2019 and December 31, 2018 is $1.4 million and $1.6 million, respectively. The subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with the acquired subordinated notes and is considered to be in compliance with these covenants as of September 30, 2019. On August 23, 2012, the Company modified its fixed rate FHLB advances to floating rate advances, which resulted in reducing the Company’s FHLB borrowing costs. In connection with this modification, the Company incurred a prepayment penalty of $19.6 million on the original advances. On August 29, 2019, the Company repaid the floating rate FHLB advances. In connection with this repayment, the remaining unamortized prepayment penalty of $7.4 million was immediately recognized as a component of noninterest expense. As of September 30, 2019, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands): Spread to 3-Month Interest Long-term Type LIBOR Rate (1) Maturity Date Advance Amount Convertible Flipper (0.75) % 1.34 % 8/17/2029 $ 50,000 Convertible Flipper (0.50) % 1.59 % 5/15/2024 200,000 Convertible Flipper (0.75) % 1.34 % 5/22/2029 150,000 Convertible Flipper (0.75) % 1.34 % 5/30/2029 50,000 Convertible Flipper (0.75) % 1.34 % 6/21/2029 100,000 Fixed Rate Convertible - 1.78 % 10/26/2028 200,000 Fixed Rate Hybrid - 2.37 % 10/10/2019 25,000 Fixed Rate Hybrid - 1.58 % 5/18/2020 20,000 Fixed Rate Hybrid - 2.65 % 10/24/2019 25,000 Fixed Rate Credit - 1.54 % 10/2/2020 10,000 Fixed Rate Credit - 1.32 % 10/2/2019 10,000 $ 840,000 (1) Interest rates calculated using non-rounded numbers. As of December 31, 2018, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands): Spread to 3-Month Interest Long-term Type LIBOR Rate (1) Maturity Date Advance Amount Adjustable Rate Credit 0.44 % 3.25 % 8/23/2022 $ 55,000 Adjustable Rate Credit 0.45 % 3.26 % 11/23/2022 65,000 Adjustable Rate Credit 0.45 % 3.26 % 11/23/2022 10,000 Adjustable Rate Credit 0.45 % 3.26 % 11/23/2022 10,000 Fixed Rate Convertible - 1.78 % 10/26/2028 200,000 Fixed Rate Hybrid - 2.37 % 10/10/2019 25,000 Fixed Rate Hybrid - 1.58 % 5/18/2020 20,000 $ 385,000 (1) Interest rates calculated using non-rounded numbers. For information on the carrying value of loans and securities pledged as collateral on FHLB advances as of September 30, 2019 and December 31, 2018, refer to Note 8 "Commitments and Contingencies." As of September 30, 2019, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands): Trust Preferred Fair Value Capital Subordinated FHLB Premium Total Long-term Notes Debt Advances (Discount) (1) Borrowings For the remaining three months of 2019 $ — $ — $ 60,000 $ (174) $ 59,826 2020 — — 30,000 (834) 29,166 2021 — — — (1,008) (1,008) 2022 — — — (1,030) (1,030) 2023 — — — (1,053) (1,053) Thereafter 155,159 158,500 750,000 (12,239) 1,051,420 Total long-term borrowings $ 155,159 $ 158,500 $ 840,000 $ (16,338) $ 1,137,321 (1) Includes discount on issued subordinated notes. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES Litigation Matters In the ordinary course of its operations, the Company and its subsidiaries are parties to various legal proceedings. Based on the information presently available, and after consultation with legal counsel, management believes that the ultimate outcome in such proceedings, in the aggregate, will not have a material adverse effect on the business, financial condition, or results of operations of the Company. Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve elements of credit and interest rate risk in excess of the amount recognized on the Company’s Consolidated Balance Sheets. The contractual amounts of these instruments reflect the extent of the Company’s involvement in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Unless noted otherwise, the Company does not require collateral or other security to support off-balance sheet financial instruments with credit risk. The Company considers credit losses related to off-balance sheet commitments by undergoing a similar process in evaluating losses for loans that are carried on the balance sheet. The Company considers historical loss rates, current economic conditions, risk ratings, and past due status among other factors in the consideration of whether credit losses are inherent in the Company’s off-balance sheet commitments to extend credit. The Company also records an indemnification reserve that includes balances relating to mortgage loans previously sold based on historical statistics and loss rates. As of September 30, 2019 and December 31, 2018, the Company’s reserves for off-balance sheet credit risk and indemnification were $2.8 million and $1.4 million, respectively. Commitments to extend credit are agreements to lend to customers as long as there are no violations of any conditions established in the contracts. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Because many of the commitments may expire without being completely drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Letters of credit are conditional commitments issued by the Company to guarantee the performance of customers to third parties. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The following table presents the balances of commitments and contingencies (dollars in thousands): September 30, 2019 December 31, 2018 Commitments with off-balance sheet risk: Commitments to extend credit (1) $ 4,143,637 $ 3,167,085 Standby letters of credit 199,928 167,597 Total commitments with off-balance sheet risk $ 4,343,565 $ 3,334,682 (1) Includes unfunded overdraft protection. The Company must maintain a reserve against its deposits in accordance with Regulation D of the Federal Reserve Act. For the final weekly reporting period in the period ended September 30, 2019, the aggregate amount of daily average required reserves was approximately $5.5 million and was satisfied by deposits maintained with the Federal Reserve Bank. As of September 30, 2019, the Company had approximately $243.7 million in deposits in other financial institutions, of which $133.7 million served as collateral for cash flow and loan swap derivatives. The Company had approximately $107.5 million in deposits in other financial institutions that were uninsured at September 30, 2019. At least annually, the Company’s management evaluates the loss risk of its uninsured deposits in financial counterparties. For asset/liability management purposes, the Company uses interest rate swap agreements to hedge various exposures or to modify the interest rate characteristics of various balance sheet accounts. Refer to Note 9 “Derivatives” for additional information. As part of the Company’s liquidity management strategy, it pledges collateral to secure various financing and other activities that occur during the normal course of business. The following tables present the types of collateral pledged, at September 30, 2019 and December 31, 2018 (dollars in thousands): Pledged Assets as of September 30, 2019 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 474,155 $ 291,865 $ — $ 766,020 Repurchase agreements — 81,419 7,633 — 89,052 FHLB advances — 65,329 — 3,828,487 3,893,816 Derivatives 133,679 1,433 — — 135,112 Fed Funds — — — 263,604 263,604 Other purposes — 126,213 10,772 — 136,985 Total pledged assets $ 133,679 $ 748,549 $ 310,270 $ 4,092,091 $ 5,284,589 (1) Balance represents market value. (2) Balance represents book value. Pledged Assets as of December 31, 2018 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 293,169 $ 7,407 $ — $ 300,576 Repurchase agreements — 55,269 — — 55,269 FHLB advances — 488 — 3,337,289 3,337,777 Derivatives 13,509 1,938 — — 15,447 Other purposes — 23,217 — — 23,217 Total pledged assets $ 13,509 $ 374,081 $ 7,407 $ 3,337,289 $ 3,732,286 (1) Balance represents book value. (2) Balance represents market value. |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | 9. DERIVATIVES The Company is exposed to economic risks arising from its business operations and uses derivatives primarily to manage risk associated with changing interest rates, and to assist customers with their risk management objectives. The Company designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship (cash flow or fair value hedge). The remaining are classified as free-standing derivatives consisting of customer accommodation loan swaps and interest rate lock commitments that do not qualify for hedge accounting. Derivatives Counterparty Credit Risk Derivative instruments contain an element of credit risk that arises from the potential failure of a counterparty to perform according to the terms of the contract. The Company’s exposure to derivative counterparty credit risk, at any point in time, is equal to the amount reported as a derivative asset on the Company’s Consolidated Balance Sheets, assuming no recoveries of underlying collateral. Effective January 1, 2019, as required under the Dodd-Frank Act, the Company clears eligible derivative transactions through CCPs such as the CME and LCH, which are often referred to as “central clearinghouses”. The Company clears certain OTC derivatives with central clearinghouses through FCMs as part of the regulatory requirement. The use of the CCPs and the FCMs reduces the Company’s bilateral counterparty credit exposures while it increases the Company’s credit exposures to CCPs and FCMs. The Company is required by CCPs to post initial and variation margin to mitigate the risk of non-payment through the Company’s FCMs. The Company’s FCM agreements governing these derivative transactions generally include provisions that may require the Company to post more collateral or otherwise change terms in the Company’s agreements under certain circumstances. For CME and LCH-cleared OTC derivatives, the Company characterizes variation margin cash payments as settlements. The Company also enters into legally enforceable master netting agreements and collateral agreements, where possible, with certain derivative counterparties to mitigate the risk of default on a bilateral basis. These bilateral agreements typically provide the right to offset exposures and require one counterparty to post collateral on derivative instruments in a net liability position to the other counterparty. Cash Flow Hedges The Company designates derivatives as cash flow hedges when they are used to manage exposure to variability in cash flows related to forecasted transactions on variable rate financial instruments. The Company uses interest rate swap agreements as part of its hedging strategy by exchanging a notional amount, equal to the principal amount of the borrowings or commercial loans, for fixed-rate interest based on benchmarked interest rates. The original terms and conditions of the interest rate swaps vary and range in length with a maximum hedging time through January 2021. Amounts receivable or payable are recognized as accrued under the terms of the agreements. All swaps were entered into with counterparties that met the Company’s credit standards, and the agreements contain collateral provisions protecting the at-risk party. The Company believes that the credit risk inherent in the contract is not significant. The Company assesses the effectiveness of each hedging relationship on a periodic basis using statistical regression analysis. The Company also measures the ineffectiveness of each hedging relationship using the change in variable cash flows method which compares the cumulative changes in cash flows of the hedging instrument relative to cumulative changes in the hedged item’s cash flows. In accordance with ASC 815, Derivatives and Hedging During the quarter ended September 30, 2019, the Company terminated four interest rate swaps designated as cash flow hedges prior to their respective maturity dates. The net amount of losses reclassified into earnings totaled million for the quarter ended September 30, 2019. This loss is immediately recognized into earnings as the forecasted transaction will not occur. Fair Value Hedge Derivatives are designated as fair value hedges when they are used to manage exposure to changes in the fair value of certain financial assets and liabilities, referred to as the hedged items, which fluctuate in value as a result of movements in interest rates. Loans: AFS Securities: The Company applies hedge accounting in accordance with ASC 815, Derivatives and Hedging Loan Swaps During the normal course of business, the Company enters into interest rate swap loan relationships (“loan swaps”) with borrowers to meet their financing needs. Upon entering into the loan swaps, the Company enters into offsetting positions with a third party in order to minimize interest rate risk. These back-to-back loan swaps qualify as financial derivatives with fair values as reported in “Other Assets” and “Other Liabilities” on the Company’s Consolidated Balance Sheets. Mortgage Banking Derivatives During the normal course of business, the Company enters into commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding (“rate lock commitments”). The Company commits to deliver the loan if settlement occurs ("best efforts") or commits to deliver the locked loan in a binding ("mandatory") delivery program with an investor. Certain loans under interest rate lock commitments are covered under forward sales contracts of MBS. Rate lock commitments on mortgage loans that are intended to be sold in the secondary market and commitments to deliver loans to investors are considered to be derivatives. The Company uses these derivatives as part of an overall strategy to manage market risk primarily due to fluctuations in interest rates, and to capture improved margins resulting from the mandatory delivery of loans. Mortgage banking derivatives as of September 30, 2019 did not have a material impact on the Company’s Consolidated Financial Statements. The market values of rate lock commitments and best efforts forward delivery commitments is not readily ascertainable with precision because rate lock commitments and best efforts contracts are not actively traded in stand-alone markets. The Company determines the fair value of rate lock commitments, delivery contracts, and forward sales contracts of MBS by measuring the change in the value of the underlying asset, while taking into consideration the probability that the rate lock commitments will close or will be funded. Certain risks arise from the forward delivery contracts in that the counterparties to the contracts may not be able to meet the terms of the contracts. Additional risks inherent in mandatory delivery programs include the risk that, if the Company does not close the loans subject to rate lock commitments, it will still be obligated to deliver MBS to the counterparty under the forward sales agreement. The following table summarizes key elements of the Company’s derivative instruments as of September 30, 2019 and December 31, 2018, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands): September 30, 2019 December 31, 2018 Derivative (2) Derivative (2) Notional or Notional or Contractual Contractual Amount (1) Assets Liabilities Amount (1) Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: Cash flow hedges $ 100,000 $ — $ 1,323 $ 152,500 $ — $ 4,786 Fair value hedges 134,175 — 8,527 137,596 1,872 1,684 Derivatives not designated as accounting hedges: Loan Swaps : Pay fixed - receive floating interest rate swaps 1,392,662 105 74,317 878,446 10,120 9,306 Pay floating - receive fixed interest rate swaps 1,392,662 74,317 105 878,446 9,306 10,120 (1) Notional amounts are not recorded on the Company’s Consolidated Balance Sheets and are generally used only as a basis on which interest and other payments are determined. (2) Balances represent fair value of derivative financial instruments. The following table summarizes the carrying value of the Company’s hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 December 31, 2018 Cumulative Cumulative Amount of Basis Amount of Basis Adjustments Adjustments Included in the Included in the Carrying Amount Carrying Carrying Amount Carrying of Hedged Amount of the of Hedged Amount of the Assets/(Liabilities) Hedged Assets/(Liabilities) Hedged Amount (1) Assets/(Liabilities) Amount (1) Assets/(Liabilities) Line items on the Consolidated Balance Sheets in which the hedged item is included: Securities available-for-sale (1) (2) $ 213,177 $ 5,236 $ 224,241 $ 1,399 Loans 84,175 3,285 87,596 (1,572) (1) These amounts include the amortized cost basis of the investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. For the periods ended September 30, 2019 and December 31, 2018, the amortized cost basis of this portfolio was $213 million and $224 million, respectively and the cumulative basis adjustment associated with this hedge was $5.2 million and $1.4 million, respectively. The amount of the designated hedged item was $50 million. (2) Carrying value represents amortized cost. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 10. STOCKHOLDERS’ EQUITY Serial Preferred Stock The Company has the authority to issue up to 500,000 shares of serial preferred stock with a par value of $10.00 per share. As of September 30, 2019 and December 31, 2018, the Company had no shares issued or outstanding. Accumulated Other Comprehensive Income (Loss) The change in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2019 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) on Securities HTM Flow Hedge BOLI Total Balance - June 30, 2019 $ 36,125 $ 85 $ (7,155) $ (988) $ 28,067 Other comprehensive income (loss): Other comprehensive income (loss) before reclassification 12,364 — 6,025 (647) 17,742 Amounts reclassified from AOCI into earnings (5,612) (5) 158 19 (5,440) Net current period other comprehensive income (loss) 6,752 (5) 6,183 (628) 12,302 Balance - September 30, 2019 $ 42,877 $ 80 $ (972) $ (1,616) $ 40,369 Unrealized Gains (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) on Securities HTM Flow Hedge BOLI Total Balance - December 31, 2018 $ (5,949) $ 95 $ (3,393) $ (1,026) $ (10,273) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification 54,598 — 1,970 (647) 55,921 Amounts reclassified from AOCI into earnings (5,772) (15) 451 57 (5,279) Net current period other comprehensive income (loss) 48,826 (15) 2,421 (590) 50,642 Balance - September 30, 2019 $ 42,877 $ 80 $ (972) $ (1,616) $ 40,369 The change in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2018 is summarized as follows, net of tax (dollars in thousands): Unrealized Gain (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) Securities HTM Flow Hedge on BOLI Total Balance - June 30, 2018 $ (10,813) $ 105 $ (2,273) $ (1,064) $ (14,045) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification (11,310) — 575 — (10,735) Amounts reclassified from AOCI into earnings (77) (5) 227 19 164 Net current period other comprehensive income (loss) (11,387) (5) 802 19 (10,571) Balance - September 30, 2018 $ (22,200) $ 100 $ (1,471) $ (1,045) $ (24,616) Unrealized Gain (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) Securities HTM Flow Hedge on BOLI Total Balance - December 31, 2017 $ 1,874 $ 2,705 $ (4,361) $ (1,102) $ (884) Transfers of HTM securities to AFS securities (1) 2,785 (2,785) — — — Cumulative effects from adoption of new accounting standard (2) 404 583 (1,094) — (107) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification (1) (27,087) — 3,214 — (23,873) Amounts reclassified from AOCI into earnings (176) (403) 770 57 248 Net current period other comprehensive income (loss) (27,263) (403) 3,984 57 (23,625) Balance - September 30, 2018 $ (22,200) $ 100 $ (1,471) $ (1,045) $ (24,616) (1) During the second quarter of 2018, the Company adopted ASU No. 2017-12,"Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities". As part of this adoption, the Company made a one-time election to transfer eligible HTM securities to the AFS category. The transfer of these securities resulted in an increase of approximately $400,000 to AOCI and is included as unrealized gains (losses) on AFS securities above. (2) During the second quarter of 2018, the Company adopted ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." As part of this adoption, the Company reclassified approximately $107,000 from AOCI to retained earnings. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 11. FAIR VALUE MEASUREMENTS The Company follows ASC 820, Fair Value Measurements and Disclosures ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy under ASC 820 based on these two types of inputs are as follows: Level 1 Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the markets. Level 3 Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. These unobservable inputs reflect the Company’s assumptions about what market participants would use and information that is reasonably available under the circumstances without undue cost and effort. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Derivative instruments As discussed in Note 9 “Derivatives”, the Company records derivative instruments at fair value on a recurring basis. The Company utilizes derivative instruments as part of the management of interest rate risk to modify the re-pricing characteristics of certain portions of the Company’s interest-bearing assets and liabilities. The Company has contracted with a third party vendor to provide valuations for derivatives using standard valuation techniques and therefore classifies such valuations as Level 2. Third party valuations are validated by the Company using Bloomberg Valuation Service’s derivative pricing functions. No material differences were identified during the validation as of September 30, 2019 and December 31, 2018. The Company has considered counterparty credit risk in the valuation of its derivative assets and has considered its own credit risk in the valuation of its derivative liabilities. Mortgage banking derivatives as of September 30, 2019 did not have a material impact on the Company’s Consolidated Financial Statements. During the ordinary course of business, the Company enters into interest rate lock commitments related to the origination of mortgage loans held for sale, as well as best efforts or mandatory delivery programs and forward sales contracts of MBS. These instruments are used to mitigate interest rate risk. The Company determines the fair value of these instruments by measuring the fair value of the underlying asset, which in turn is based on quoted prices for similar loans in the secondary market. This value, however, is adjusted by a pull-through rate applied at the loan level, which considers the likelihood that the loan in a lock position will ultimately close. The pull-through rate is derived from the Company’s internal data, as well as input from third party sources, and is adjusted using significant management judgment. It is largely dependent on the loan processing stage that a loan is currently in and the change in prevailing interest rates from the time of the rate lock. As such, interest rate lock commitments are classified as Level 3. An increase in the pull-through rate utilized in the fair value measurement of the interest rate lock commitment derivative will result in positive fair value adjustments, while a decrease in the pull-through rate will result in a negative fair value adjustment. As of September 30, 2019, the weighted average pull-through rate was approximately 90%. As a result of the UMG wind-down, at December 31, 2018, the Company had no interest rate locks. AFS Securities AFS securities are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data (Level 2). If the inputs used to provide the evaluation for certain securities are unobservable and/or there is little, if any, market activity, then the security would fall to the lowest level of the hierarchy (Level 3). The Company’s investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third party portfolio accounting service vendor for valuation of its securities portfolio. The vendor’s primary source for security valuation is IDC, which evaluates securities based on market data. IDC utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. The vendor utilizes proprietary valuation matrices for valuing all municipals securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance, and rating to incorporate additional spreads to the industry benchmark curves. The Company primarily uses Bloomberg Valuation Service, an independent information source that draws on quantitative models and market data contributed from over 4,000 market participants, to validate third party valuations. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of September 30, 2019 and December 31, 2018. The carrying value of restricted Federal Reserve Bank and FHLB stock approximates fair value based on the redemption provisions of each entity and is therefore excluded from the table below. Loans Held for Sale Loans held for sale are carried at fair value. These loans currently consist of residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). Gains and losses on the sale of loans are recorded in current period earnings as a component of "Mortgage banking income, net" on the Company’s Consolidated Statements of Income. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018 (dollars in thousands): Fair Value Measurements at September 30, 2019 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ — $ 4,490 $ — $ 4,490 Obligations of states and political subdivisions — 438,613 — 438,613 Corporate and other bonds — 229,524 — 229,524 Mortgage-backed securities — 1,243,165 — 1,243,165 Other securities — 3,067 — 3,067 Loans held for sale — 72,208 — 72,208 Derivatives: Interest rate swap — 74,422 — 74,422 LIABILITIES Derivatives: Interest rate swap $ — $ 74,422 $ — $ 74,422 Cash flow hedges — 1,323 — 1,323 Fair value hedges — 8,527 — 8,527 Fair Value Measurements at December 31, 2018 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: Obligations of states and political subdivisions $ — $ 468,491 $ — $ 468,491 Corporate and other bonds — 167,696 — 167,696 Mortgage-backed securities — 1,129,865 — 1,129,865 Other securities — 8,769 — 8,769 Derivatives: Interest rate swap — 19,426 — 19,426 Fair value hedges — 1,872 — 1,872 LIABILITIES Derivatives: Interest rate swap $ — $ 19,426 $ — $ 19,426 Cash flow hedges — 4,786 — 4,786 Fair value hedges — 1,684 — 1,684 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets are measured at fair value on a nonrecurring basis in accordance with U.S. GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the financial statements. Impaired loans Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreements will not be collected. The measurement of loss associated with impaired loans can be based on either the observable market price of the loan or the fair value of the collateral. Collateral dependent loans are reported at the fair value of the underlying collateral if repayment is solely from the underlying value of the collateral. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the Company’s collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed appraiser using observable market data. When evaluating the fair value, management may discount the appraisal further if, based on their understanding of the market conditions, it is determined the collateral is further impaired below the appraised value (Level 3). At September 30, 2019 and December 31, 2018, the Level 3 weighted average adjustments related to impaired loans were 0.0% and 5.3%, respectively. The value of business equipment is based upon an outside appraisal, of one year or less, if deemed significant, or the net book value on the applicable business’s financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Collateral dependent impaired loans allocated to the ALL are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for loan losses on the Company’s Consolidated Statements of Income. Foreclosed Properties & Former Bank Premises Foreclosed properties and former bank premises are evaluated for impairment at least quarterly by the Bank’s Special Asset Loan Committee and any necessary write downs to fair values are recorded as impairment and included as a component of noninterest expense. Foreclosed properties and former bank premises are carried at fair value less selling costs. Fair value is based upon independent market prices, appraised values of the collateral, or management’s estimation of the value of the collateral. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the Company records the foreclosed asset as Level 3 valuation. The Level 3 weighted average adjustments related to foreclosed property were approximately Total valuation expenses related to foreclosed properties for the three and nine months ended September 30, 2019 and 2018 totaled $62,000, $546,000, $42,000 and $1.2 million, respectively. Total valuation expenses related to former bank premises for the three and nine months ended September 30, 2019 totaled $247,000 and $615,000. There were no valuation expenses related to former bank premises for the three and nine months ended September 30, 2018. The following tables summarize the Company’s financial assets that were measured at fair value on a nonrecurring basis at September 30, 2019 and December 31, 2018 (dollars in thousands): Fair Value Measurements at September 30, 2019 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS Impaired loans $ — $ — $ 1,837 $ 1,837 Foreclosed properties — — 6,385 6,385 Former bank premises — — 5,533 5,533 Fair Value Measurements at December 31, 2018 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS Impaired loans $ — $ — $ 3,734 $ 3,734 Foreclosed properties — — 6,722 6,722 Former bank premises — — 2,090 2,090 Fair Value of Financial Instruments ASC 825, Financial Instruments, Cash and Cash Equivalents For those short-term instruments, the carrying amount is a reasonable estimate of fair value. HTM Securities The Company’s investment portfolio is primarily valued using fair value measurements that are considered to be Level 2. The Company has contracted with a third party portfolio accounting service vendor for valuation of its securities portfolio. The vendor’s primary source for security valuation is IDC, which evaluates securities based on market data. IDC utilizes evaluated pricing models that vary by asset class and include available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, vast descriptive terms and conditions databases, as well as extensive quality control programs. The vendor utilizes proprietary valuation matrices for valuing all municipals securities. The initial curves for determining the price, movement, and yield relationships within the municipal matrices are derived from industry benchmark curves or sourced from a municipal trading desk. The securities are further broken down according to issuer, credit support, state of issuance, and rating to incorporate additional spreads to the industry benchmark curves. The Company primarily uses Bloomberg Valuation Service, an independent information source that draws on quantitative models and market data contributed from over 4,000 market participants, to validate third party valuations. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of September 30, 2019 and December 31, 2018. The Company’s level 3 securities are a result of the Access acquisition and are comprised of asset-backed securities and municipal bonds. Valuations of the asset-backed securities are provided by a third party vendor specializing in the SBA markets, and are based on underlying loan pool information, market data, and recent trading activity for similar securities. Valuations of the municipal bonds are provided by a third party vendor that specializes in hard-to-value securities, and are based on a discounted cash flow model and considerations for the complexity of the instrument, likelihood it will be called and credit ratings. The Company reviews the valuation of both security types for reasonableness in the context of market conditions and to similar bonds in the Company’s portfolio. Any material differences between valuation sources are researched by further analyzing the various inputs that are utilized by each pricing source. No material differences were identified during the validation as of September 30, 2019. Loans With the adoption of ASU No. 2016-01 in 2018, the fair value of loans at September 30, 2019 were estimated using an exit price, representing the amount that would be expected to be received if the Company sold the loans. Beginning in the first quarter of 2019, the fair value of performing loans were estimated by utilizing two data sources for the selection of discount rates: either the recent origination rates from the Company over a 12-month period or an index to use recent originations from the market over a three-month period. At December 31, 2018, the fair value of performing loans were estimated by discounting expected future cash flows using a yield curve that was constructed by adding a loan spread to a market yield curve. Loan spreads were based on spreads observed in the market for loans of similar type and structure. Fair value for impaired loans and their respective level within the fair value hierarchy are described in the previous disclosure related to fair value measurements of assets that are measured on a nonrecurring basis. BOLI The carrying value of BOLI approximates fair value. The Company records these policies at their cash surrender value, which is estimated using information provided by insurance carriers. Deposits The fair value of demand deposits, savings accounts, and certain money market deposits is the amount payable on demand at the reporting date. The fair value of certificates of deposits were valued using a discounted cash flow calculation that includes a market rate analysis of the current rates offered by market participants for certificates of deposits that mature in the same period. Accrued Interest The carrying amounts of accrued interest approximate fair value. The carrying values and estimated fair values of the Company’s financial instruments at September 30, 2019 and December 31, 2018 are as follows (dollars in thousands): Fair Value Measurements at September 30, 2019 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 591,920 $ 591,920 $ — $ — $ 591,920 AFS securities 1,918,859 — 1,918,859 — 1,918,859 HTM securities 556,579 — 589,884 17,832 607,716 Restricted stock 132,310 — 132,310 — 132,310 Loans held for sale 72,208 — 72,208 — 72,208 Net loans 12,263,177 — — 12,112,840 12,112,840 Derivatives: Interest rate swap 74,422 — 74,422 — 74,422 Accrued interest receivable 51,606 — 51,606 — 51,606 BOLI 320,779 — 320,779 — 320,779 LIABILITIES Deposits $ 13,044,712 $ — $ 13,083,351 $ — $ 13,083,351 Borrowings 1,549,181 — 1,520,708 — 1,520,708 Accrued interest payable 8,919 — 8,919 — 8,919 Derivatives: Interest rate swap 74,422 — 74,422 — 74,422 Cash flow hedges 1,323 — 1,323 — 1,323 Fair value hedges 8,527 — 8,527 — 8,527 Fair Value Measurements at December 31, 2018 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 261,199 $ 261,199 $ — $ — $ 261,199 AFS securities 1,774,821 — 1,774,821 — 1,774,821 HTM securities 492,272 — 499,501 — 499,501 Restricted stock 124,602 — 124,602 — 124,602 Net loans 9,675,162 — — 9,534,717 9,534,717 Derivatives: Interest rate swap 19,426 — 19,426 — 19,426 Fair value hedges 1,872 — 1,872 — 1,872 Accrued interest receivable 46,062 — 46,062 — 46,062 BOLI 263,034 — 263,034 — 263,034 LIABILITIES Deposits $ 9,970,960 $ — $ 9,989,788 $ — $ 9,989,788 Borrowings 1,756,278 — 1,742,038 — 1,742,038 Accrued interest payable 5,284 — 5,284 — 5,284 Derivatives: Interest rate swap 19,426 — 19,426 — 19,426 Cash flow hedges 4,786 — 4,786 — 4,786 Fair value hedges 1,684 — 1,684 — 1,684 The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Management attempts to match maturities of assets and liabilities to the extent believed necessary to minimize interest rate risk. Borrowers with fixed rate obligations, however, are less likely to prepay in a rising rate environment and more likely to prepay in a falling rate environment. Conversely, depositors who are receiving fixed rates are more likely to withdraw funds before maturity in a rising rate environment and less likely to do so in a falling rate environment. Management monitors rates and maturities of assets and liabilities and attempts to minimize interest rate risk by adjusting terms of new loans and deposits and by investing in securities with terms that mitigate the Company’s overall interest rate risk. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | 12. REVENUE The majority of the Company’s noninterest income comes from short term contracts associated with fees for services provided on deposit accounts, credit cards, and wealth management accounts and is being accounted for in accordance with Topic 606. Typically, the duration of a contract does not extend beyond the services performed; therefore, the Company concluded that discussion regarding contract balances is immaterial. The Company’s performance obligations on revenue from interchange fees and deposit accounts are generally satisfied immediately, when the transaction occurs or by month-end. Performance obligations on revenue from fiduciary and asset management fees are generally satisfied monthly or quarterly. For a majority of fee income on deposit accounts the Company is a principal controlling the promised good or service before transferring it to the customer. However, for income related to most wealth management income, the Company is an agent responsible for arranging for the provision of goods and services by another party. Noninterest income disaggregated by major source, for the three and nine months ended September 30, 2019 and 2018, consisted of the following (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2019 2018 2019 2018 Noninterest income: Deposit Service Charges (1) Overdraft fees, net $ 6,021 $ 5,345 $ 17,847 $ 15,338 Maintenance fees & other 1,654 1,138 4,484 3,228 Other service charges and fees (1) 1,513 1,625 4,879 4,137 Interchange fees, net (1) 2,108 4,882 12,765 14,163 Fiduciary and asset management fees (1) Trust asset management fees 2,661 1,321 5,977 4,102 Registered advisor management fees, net 2,219 2,110 7,919 4,435 Brokerage management fees, net 1,202 980 2,938 2,970 Mortgage banking income, net 3,374 — 7,614 — Gains (losses) on securities transactions, net 7,104 97 7,306 222 Bank owned life insurance income 2,062 1,732 6,191 5,126 Loan-related interest rate swap fees, net 5,480 562 10,656 2,178 Gain on Shore Premier sale — (933) — 19,966 Other operating income (2) 12,708 1,028 15,045 4,887 Total noninterest income (3) $ 48,106 $ 19,887 $ 103,621 $ 80,752 (1) Income within scope of Topic 606. (2) Includes income within the scope of Topic 606 of $ 343,000 and $ 946,000 for the three months ended September 30, 2019 and 2018 , respectively, and $ 2.2 million and $ 2.5 million for the nine months ended September 30, 2019 and 2018 , respectively. The remaining balance is outside the scope of Topic 606 and includes $9.3 million from life insurance proceeds received during the three months ended September 30, 2019 related to a Xenith acquired loan that had been charged off prior to the Company’s acquisition of Xenith. (3) Noninterest income for the discontinued mortgage segment is reported in Note 14 "Segment Reporting & Discontinued Operations." |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 13. EARNINGS PER SHARE Basic EPS is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares outstanding attributable to stock awards and warrants. The following table presents EPS from continuing operations, discontinued operations and total net income available to common shareholders for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net Income: Income from continuing operations $ 53,196 $ 38,762 $ 137,820 $ 105,136 Income (loss) from discontinued operations 42 (565) (128) (2,973) Net income available to common shareholders $ 53,238 $ 38,197 $ 137,692 $ 102,163 Weighted average shares outstanding, basic 81,769 65,975 80,121 65,818 Dilutive effect of stock awards and warrants 64 38 63 55 Weighted average shares outstanding, diluted 81,833 66,013 80,184 65,873 Basic EPS: EPS from continuing operations $ 0.65 $ 0.59 $ 1.72 $ 1.60 EPS from discontinued operations — (0.01) — (0.05) EPS available to common shareholders $ 0.65 $ 0.58 $ 1.72 $ 1.55 Diluted EPS: EPS from continuing operations $ 0.65 $ 0.59 $ 1.72 $ 1.60 EPS from discontinued operations — (0.01) — (0.05) EPS available to common shareholders $ 0.65 $ 0.58 $ 1.72 $ 1.55 |
SEGMENT REPORTING & DISCONTINUE
SEGMENT REPORTING & DISCONTINUED OPERATIONS | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING & DISCONTINUED OPERATIONS | 14. SEGMENT REPORTING & DISCONTINUED OPERATIONS On May 23, 2018, the Bank announced that it had entered into an agreement with a third party mortgage company TFSB to allow TFSB to offer residential mortgages from certain Bank locations on the terms and conditions set forth in the agreement. Concurrently with this arrangement, the Bank began the process of winding down the operations of UMG, the Company’s reportable mortgage segment. Effective at the close of business June 1, 2018, UMG was no longer originating mortgages in its name. The decision to wind down the operations of UMG was based on a number of strategic priorities and other factors, including the additional investment in the business required to achieve the necessary scale to be competitive. As a result of this decision, the community bank segment is the only remaining reportable segment and does not require separate reporting disclosures. On May 30, 2019, the Bank notified TFSB that the Bank was terminating its primary agreement with TFSB and would no longer allow TFSB to offer residential mortgages from Bank locations. UMG operations remain discontinued, although the Company continues to offer residential mortgages through a division of the Bank. As of September 30, 2019, the Company’s Consolidated Balance Sheets included assets and liabilities from discontinued operations of $863,000 and $763,000, respectively. As of December 31, 2018, the Company’s Consolidated Balance Sheets included assets and liabilities from discontinued operations of $1.5 million and $1.7 million, respectively. Management believes there are no material on-going obligations with respect to UMG’s business that have not been recorded in the Company’s consolidated financial statements. The following table presents summarized operating results of the discontinued mortgage segment for the three and nine months ended September 30, 2019 and 2018, respectively (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net interest income $ — $ 207 $ — $ 850 Provision for credit losses — 83 — (181) Net interest income after provision for credit losses — 124 — 1,031 Noninterest income — 181 1 3,891 Noninterest expenses (56) 1,066 174 8,690 Income before income taxes 56 (761) (173) (3,768) Income tax expense (benefit) 14 (196) (45) (795) Net income (loss) on discontinued operations $ 42 $ (565) $ (128) $ (2,973) |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Business Combinations and Divestitures | Business Combinations and Divestitures On February 1, 2019, the Company completed the acquisition of Access, a bank holding company based in Reston, Virginia for a purchase price of approximately $500.0 million. Access’s common stockholders received shares of common stock. In addition, the Company paid cash of approximately In connection with the transaction, the Company recorded $202.6 million in goodwill and $43.5 million of amortizable intangible assets, which primarily relate to core deposit intangibles. The Company currently estimates that these other intangible assets will be amortized over using various methods. The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition. |
Affordable Housing Entities | Affordable Housing Entities The Company invests in private investment funds that make equity investments in multifamily affordable housing properties that provide affordable housing and historic tax credits for these investments. The activities of these entities are financed with a combination of invested equity capital and debt. For the three and nine months ended September 30, 2019, the Company recognized amortization of $624,000 and $1.8 million, respectively, and tax credits of $806,000 and $2.1 million, respectively, associated with these investments within “Income tax expense” on the Company’s Consolidated Statements of Income. For the three and nine months ended September 30, 2018, the Company recognized amortization of $227,000 and $699,000, respectively, and tax credits of $275,000 and $839,000, respectively. The carrying value of the Company’s investments in these qualified affordable housing projects was $29.9 million and $10.8 million as of September 30, 2019 and December 31, 2018, respectively. At September 30, 2019 and December 31, 2018, the Company’s recorded liability totaled $12.8 million and $9.9 million, respectively, for the related unfunded commitments, which are expected to be paid throughout the years 2019 - 2033. |
Adoption of New Accounting Standards and Recent Accounting Pronouncements | Adoption of New Accounting Standards On January 1, 2019, the Company adopted ASU No. 2016-02, "Leases (Topic 842)." The adoption of this standard required lessees to recognize right of use assets and lease liabilities on the Consolidated Balance Sheets and disclose key information about leasing arrangements. The Company adopted this ASU on January 1, 2019 under the modified retrospective approach. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to not reassess the lease classification of existing leases, as well as not reassess whether any expired or existing contracts are or contain a lease; and maintain consistent treatment of initial direct costs on existing leases. In addition, the Company elected the short-term lease exemption practical expedient in which leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheets. The Company also elected the practical expedient related to accounting for lease and non-lease components as a single lease component. Adoption of this standard resulted in the Company recording a lease liability of In August 2018, the FASB issued ASU No. 2018-15, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract." This ASU amends the Intangibles—Goodwill and Other Topic of the Accounting Standards Codification to align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU will be effective for the Company for fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company adopted this standard in the first quarter of 2019 using the prospective approach. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table provides a preliminary assessment of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands): Purchase Price: Fair value of shares of the Company's common stock issued $ 499,974 Cash paid for fractional shares 12 Total purchase price $ 499,986 Fair value of assets acquired: Cash and cash equivalents $ 46,164 Investments 464,742 Loans 2,173,481 Premises and equipment 28,001 Core deposit intangibles 40,860 Other assets 102,745 Total assets $ 2,855,993 Fair value of liabilities assumed: Deposits $ 2,227,073 Short-term borrowings 220,685 Long-term borrowings 70,535 Other liabilities 40,345 Total liabilities $ 2,558,638 Net assets acquired $ 297,355 Preliminary goodwill $ 202,631 |
Outstanding Principal Balance And Carrying Amount of Acquired Impaired Loans | The following table presents the acquired impaired loans receivable at the acquisition date (dollars in thousands): Contractually required principal and interest payments $ 44,232 Nonaccretable difference (6,062) Cash flows expected to be collected 38,170 Accretable difference (5,060) Fair value of loans acquired with a deterioration of credit quality $ 33,110 |
Business Acquisition, Pro Forma Information | The Company expects to achieve further operating cost savings and other business synergies, including branch closures, as a result of the acquisition which are not reflected in the pro forma amounts below (dollars in thousands): Pro forma for the three Pro forma for the nine months ended months ended September 30, September 30, 2019 2018 2019 2018 Total revenues (1) $ 184,707 $ 159,128 $ 517,016 $ 500,505 Net income $ 54,847 $ 47,625 $ 160,635 $ 130,201 EPS $ 0.67 $ 0.58 $ 1.99 $ 1.60 (1) Includes net interest income and noninterest income. |
SECURITIES (Tables)
SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Schedule of Investments [Line Items] | |
Gross Realized Gain and Losses on the Sale of Securities | The following table presents the gross realized gains and losses on and the proceeds from the sale of securities during the three and nine months ended September 30, 2019 and 2018 (dollars in thousands). Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Realized gains (losses): Gross realized gains $ 7,104 $ 9,161 Gross realized losses — (1,855) Net realized gains $ 7,104 $ 7,306 Proceeds from sales of securities $ 98,975 $ 486,925 Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Realized gains (losses): Gross realized gains $ 97 $ 2,890 Gross realized losses — (2,668) Net realized gains $ 97 $ 222 Proceeds from sales of securities $ 27,593 $ 337,109 |
Available-for-sale Securities | |
Schedule of Investments [Line Items] | |
Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities | The amortized cost, gross unrealized gains and losses, and estimated fair values of AFS securities as of September 30, 2019 and December 31, 2018 are summarized as follows (dollars in thousands): Amortized Gross Unrealized Estimated Cost Gains (Losses) Fair Value September 30, 2019 U.S. government and agency securities $ 4,475 $ 15 $ — $ 4,490 Obligations of states and political subdivisions 411,690 26,935 (12) 438,613 Corporate and other bonds (1) 224,854 5,044 (374) 229,524 Mortgage-backed securities 1,215,263 28,872 (970) 1,243,165 Other securities 3,067 — — 3,067 Total AFS securities $ 1,859,349 $ 60,866 $ (1,356) $ 1,918,859 December 31, 2018 Obligations of states and political subdivisions $ 466,588 $ 3,844 $ (1,941) $ 468,491 Corporate and other bonds (1) 167,561 1,118 (983) 167,696 Mortgage-backed securities 1,138,034 4,452 (12,621) 1,129,865 Other securities 8,769 — — 8,769 Total AFS securities $ 1,780,952 $ 9,414 $ (15,545) $ 1,774,821 (1) Other bonds includes asset-backed securities. |
Schedule of Gross Unrealized Losses and Fair Value of Investments | The following table shows the gross unrealized losses and fair value of the Company’s AFS securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of September 30, 2019 and December 31, 2018 (dollars in thousands). These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2019 Obligations of states and political subdivisions $ 2,296 $ (12) $ — $ — $ 2,296 $ (12) Corporate bonds and other securities 25,341 (149) 25,306 (225) 50,647 (374) Mortgage-backed securities 89,649 (390) 74,540 (580) 164,189 (970) Total AFS securities $ 117,286 $ (551) $ 99,846 $ (805) $ 217,132 $ (1,356) December 31, 2018 Obligations of states and political subdivisions $ 133,513 $ (1,566) $ 10,145 $ (375) $ 143,658 $ (1,941) Corporate bonds and other securities 35,478 (315) 33,888 (668) 69,366 (983) Mortgage-backed securities 306,038 (3,480) 341,400 (9,141) 647,438 (12,621) Total AFS securities $ 475,029 $ (5,361) $ 385,433 $ (10,184) $ 860,462 $ (15,545) |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of AFS securities as of September 30, 2019 and December 31, 2018, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2019 December 31, 2018 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value Due in one year or less $ 22,682 $ 22,805 $ 22,653 $ 22,789 Due after one year through five years 161,289 163,908 191,003 188,999 Due after five years through ten years 263,488 269,757 218,211 217,304 Due after ten years 1,411,890 1,462,389 1,349,085 1,345,729 Total AFS securities $ 1,859,349 $ 1,918,859 $ 1,780,952 $ 1,774,821 |
Held-to-maturity Securities | |
Schedule of Investments [Line Items] | |
Schedule of Amortized Cost and Estimated Fair Value of Securities | The following table presents the amortized cost and estimated fair value of HTM securities as of September 30, 2019 and December 31, 2018, by contractual maturity (dollars in thousands). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2019 December 31, 2018 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Due in one year or less $ 504 $ 507 $ — $ — Due after one year through five years 8,934 9,165 3,893 3,900 Due after five years through ten years 3,160 3,247 3,480 3,507 Due after ten years 543,981 594,797 484,899 492,094 Total HTM securities $ 556,579 $ 607,716 $ 492,272 $ 499,501 |
Schedule of Carrying Values, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities | The carrying value, gross unrealized gains and losses, and estimated fair values of HTM securities as of September 30, 2019 and December 31, 2018 are summarized as follows (dollars in thousands): Carrying Gross Unrealized Estimated Value Gains (Losses) Fair Value September 30, 2019 Obligations of states and political subdivisions $ 546,515 $ 51,002 $ — $ 597,517 Mortgage-backed securities 10,064 135 — 10,199 Total held-to-maturity securities $ 556,579 $ 51,137 $ — $ 607,716 December 31, 2018 Obligations of states and political subdivisions $ 492,272 $ 7,375 $ (146) $ 499,501 |
Gross Unrealized Losses and Fair Value of Securities | The following table shows the gross unrealized losses and fair value (dollars in thousands) of the Company’s HTM securities with unrealized losses that are not deemed to be other-than-temporarily impaired as of September 30, 2019 and December 31, 2018 (dollars in thousands). These are aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. Less than 12 months More than 12 months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2019 Obligations of states and political subdivisions $ — $ — $ — $ — $ — $ — December 31, 2018 Obligations of states and political subdivisions $ 43,206 $ (146) $ — $ — $ 43,206 $ (146) |
LOANS AND ALLOWANCE FOR LOAN _2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans Stated at Face Amount, Net of Unearned Income | Loans are stated at their face amount, net of deferred fees and costs, and consist of the following at September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 December 31, 2018 Construction and Land Development $ 1,201,149 $ 1,194,821 Commercial Real Estate - Owner Occupied 1,979,052 1,337,345 Commercial Real Estate - Non-Owner Occupied 3,198,580 2,467,410 Multifamily Real Estate 659,946 548,231 Commercial & Industrial 2,058,133 1,317,135 Residential 1-4 Family - Commercial 721,185 640,419 Residential 1-4 Family - Consumer 913,245 673,909 Auto 328,456 301,943 HELOC 660,963 613,383 Consumer 386,848 379,694 Other Commercial 199,440 241,917 Total loans held for investment, net (1) $ 12,306,997 $ 9,716,207 (1) Loans, as presented, are net of deferred fees and costs totaling $8.1 million and $5.1 million as of September 30, 2019 and December 31, 2018, respectively. |
Summary of Aging of the Loan Portfolio by Class | The following table shows the aging of the Company’s loan portfolio, by segment, at September 30, 2019 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Past Due Past Due still Accruing PCI Nonaccrual Current Total Loans Construction and Land Development $ 1,062 $ 351 $ 171 $ 8,387 $ 7,785 $ 1,183,393 $ 1,201,149 Commercial Real Estate - Owner Occupied 4,977 — 2,571 27,817 5,684 1,938,003 1,979,052 Commercial Real Estate - Non-Owner Occupied 5,757 1,878 36 17,285 381 3,173,243 3,198,580 Multifamily Real Estate 107 164 1,212 93 — 658,370 659,946 Commercial & Industrial 2,079 1,946 265 3,262 1,585 2,048,996 2,058,133 Residential 1-4 Family - Commercial 1,842 3,081 916 12,237 3,879 699,230 721,185 Residential 1-4 Family - Consumer 1,527 5,182 3,815 14,977 8,292 879,452 913,245 Auto 1,787 407 183 7 604 325,468 328,456 HELOC 4,965 1,747 1,674 4,275 1,641 646,661 660,963 Consumer 2,000 1,666 1,163 682 84 381,253 386,848 Other Commercial 579 9 30 713 97 198,012 199,440 Total loans held for investment $ 26,682 $ 16,431 $ 12,036 $ 89,735 $ 30,032 $ 12,132,081 $ 12,306,997 The following table shows the aging of the Company’s loan portfolio, by segment, at December 31, 2018 (dollars in thousands): Greater than 30-59 Days 60-89 Days 90 Days and Past Due Past Due still Accruing PCI Nonaccrual Current Total Loans Construction and Land Development $ 759 $ 6 $ 180 $ 8,654 $ 8,018 $ 1,177,204 $ 1,194,821 Commercial Real Estate - Owner Occupied 8,755 1,142 3,193 25,644 3,636 1,294,975 1,337,345 Commercial Real Estate - Non-Owner Occupied 338 41 — 17,335 1,789 2,447,907 2,467,410 Multifamily Real Estate — 146 — 88 — 547,997 548,231 Commercial & Industrial 3,353 389 132 2,156 1,524 1,309,581 1,317,135 Residential 1-4 Family - Commercial 6,619 1,577 1,409 13,601 2,481 614,732 640,419 Residential 1-4 Family - Consumer 12,049 5,143 2,437 16,872 7,276 630,132 673,909 Auto 3,320 403 195 7 576 297,442 301,943 HELOC 4,611 1,644 440 5,115 1,518 600,055 613,383 Consumer 1,504 1,096 870 32 135 376,057 379,694 Other Commercial 126 — — 717 — 241,074 241,917 Total loans held for investment $ 41,434 $ 11,587 $ 8,856 $ 90,221 $ 26,953 $ 9,537,156 $ 9,716,207 |
Impaired Loans by Class | The Company measures the amount of impairment by evaluating loans either in their collective homogeneous pools or individually. The following table shows the Company’s impaired loans, excluding PCI loans, by segment at September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 December 31, 2018 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance Loans without a specific allowance Construction and Land Development $ 9,776 $ 14,131 $ — $ 10,290 $ 12,038 $ — Commercial Real Estate - Owner Occupied 9,362 9,966 — 8,386 9,067 — Commercial Real Estate - Non-Owner Occupied 2,028 2,578 — 6,578 6,929 — Multifamily Real Estate 1,212 1,212 — — — — Commercial & Industrial 2,205 2,221 — 3,059 3,251 — Residential 1-4 Family - Commercial 4,330 4,598 — 3,378 3,439 — Residential 1-4 Family - Consumer 9,432 10,006 — 9,642 10,317 — HELOC 864 867 — 1,150 1,269 — Consumer — — — 30 102 — Other Commercial — — — 478 478 — Total impaired loans without a specific allowance $ 39,209 $ 45,579 $ — $ 42,991 $ 46,890 $ — Loans with a specific allowance Construction and Land Development $ 829 $ 868 $ 78 $ 372 $ 491 $ 63 Commercial Real Estate - Owner Occupied 3,570 3,685 234 4,304 4,437 359 Commercial Real Estate - Non-Owner Occupied 336 384 3 391 391 1 Commercial & Industrial 1,783 1,810 866 1,183 1,442 752 Residential 1-4 Family - Commercial 1,763 1,807 170 2,120 2,152 89 Residential 1-4 Family - Consumer 10,047 10,631 805 6,389 6,645 470 Auto 605 905 239 576 830 231 HELOC 1,177 1,312 262 724 807 188 Consumer 180 345 50 178 467 64 Other Commercial 565 569 27 — — — Total impaired loans with a specific allowance $ 20,855 $ 22,316 $ 2,734 $ 16,237 $ 17,662 $ 2,217 Total impaired loans $ 60,064 $ 67,895 $ 2,734 $ 59,228 $ 64,552 $ 2,217 The following tables show the average recorded investment and interest income recognized for the Company’s impaired loans, excluding PCI loans, by segment for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands): Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Interest Interest Average Income Average Income Investment Recognized Investment Recognized Construction and Land Development $ 13,581 $ 40 $ 13,601 $ 351 Commercial Real Estate - Owner Occupied 13,301 85 13,436 339 Commercial Real Estate - Non-Owner Occupied 2,748 26 3,543 82 Multifamily Real Estate 1,217 15 1,234 46 Commercial & Industrial 3,986 41 4,046 129 Residential 1-4 Family - Commercial 6,334 41 6,521 125 Residential 1-4 Family - Consumer 19,802 75 20,007 264 Auto 691 — 781 9 HELOC 2,125 5 2,242 31 Consumer 184 2 192 5 Other Commercial 570 7 579 21 Total impaired loans $ 64,539 $ 337 $ 66,182 $ 1,402 Three Months Ended Nine Months Ended September 30, 2018 September 30, 2018 Interest Interest Average Income Average Income Investment Recognized Investment Recognized Construction and Land Development $ 12,481 $ 63 $ 12,083 $ 203 Commercial Real Estate - Owner Occupied 11,873 102 11,966 322 Commercial Real Estate - Non-Owner Occupied 6,932 57 7,141 175 Commercial & Industrial 2,607 15 2,713 57 Residential 1-4 Family - Commercial 4,233 29 4,322 105 Residential 1-4 Family - Consumer 16,570 48 16,693 162 Auto 609 — 685 12 HELOC 1,800 4 1,871 14 Consumer 180 — 218 — Other Commercial 509 7 538 22 Total impaired loans $ 57,794 $ 325 $ 58,230 $ 1,072 |
Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement | The following table provides a summary, by segment, of TDRs that continue to accrue interest under the terms of the applicable restructuring agreement, which are considered to be performing, and TDRs that have been placed on nonaccrual status, which are considered to be nonperforming, as of September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 December 31, 2018 No. of Recorded Outstanding No. of Recorded Outstanding Loans Investment Commitment Loans Investment Commitment Performing Construction and Land Development 4 $ 1,130 $ — 5 $ 2,496 $ — Commercial Real Estate - Owner Occupied 6 2,228 — 8 2,783 — Commercial Real Estate - Non-Owner Occupied 1 1,089 — 4 4,438 — Commercial & Industrial 5 1,123 — 4 978 — Residential 1-4 Family - Commercial 5 293 — 8 1,075 — Residential 1-4 Family - Consumer 64 8,738 — 52 6,882 — HELOC 2 56 — 2 58 — Consumer 4 31 — 1 13 — Other Commercial 1 468 — 1 478 — Total performing 92 $ 15,156 $ — 85 $ 19,201 $ — Nonperforming Construction and Land Development — $ — $ — 2 $ 3,474 $ — Commercial Real Estate - Owner Occupied 2 180 — 2 198 — Commercial & Industrial 1 56 — 6 461 — Residential 1-4 Family - Commercial — — — 1 60 — Residential 1-4 Family - Consumer 18 3,288 — 15 3,135 — HELOC 2 58 — 2 62 — Consumer — — — 1 7 — Total nonperforming 23 $ 3,582 $ — 29 $ 7,397 $ — Total performing and nonperforming 115 $ 18,738 $ — 114 $ 26,598 $ — |
Schedule of TDR by Class and Modification Type | The following table shows, by segment and modification type, TDRs that occurred during the three and nine months ended September 30, 2019 (dollars in thousands): All Restructurings Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Recorded Recorded No. of Investment at No. of Investment at Loans Period End Loans Period End Modified to interest only, at a market rate Total interest only at market rate of interest — $ — — $ — Term modification, at a market rate Commercial & Industrial 1 $ 376 1 $ 376 Residential 1-4 Family - Commercial — — 1 73 Residential 1-4 Family - Consumer 1 461 4 761 Consumer 2 18 3 26 Total loan term extended at a market rate 4 $ 855 9 $ 1,236 Term modification, below market rate Construction and Land Development 2 $ 164 2 $ 164 Residential 1-4 Family - Consumer 5 883 17 2,211 Consumer — — 1 5 Total loan term extended at a below market rate 7 $ 1,047 20 $ 2,380 Total 11 $ 1,902 29 $ 3,616 The following table shows, by segment and modification type, TDRs that occurred during the three and nine months ended September 30, 2018 (dollars in thousands): All Restructurings Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 Recorded Recorded No. of Investment at No. of Investment at Loans Period End Loans Period End Modified to interest only, at a market rate Total interest only at market rate of interest — $ — — $ — Term modification, at a market rate Construction and Land Development 2 $ 3,545 4 $ 4,809 Commercial Real Estate - Owner Occupied — — 5 1,371 Commercial Real Estate - Non-Owner Occupied 1 1,089 1 1,089 Commercial & Industrial 2 278 3 339 Residential 1-4 Family - Commercial — — 1 71 Residential 1-4 Family - Consumer — — 6 759 Consumer 1 14 1 14 Total loan term extended at a market rate 6 $ 4,926 21 $ 8,452 Term modification, below market rate Commercial Real Estate - Non-Owner Occupied 1 $ 2,782 1 $ 2,782 Residential 1-4 Family - Consumer 9 1,598 16 2,612 HELOC 2 46 2 46 Total loan term extended at a below market rate 12 $ 4,426 19 $ 5,440 Total 18 $ 9,352 40 $ 13,892 |
Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology | The following tables show the ALL activity by segment for the nine months ended September 30, 2019 and 2018. The tables below include the provision for loan losses. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories (dollars in thousands): Nine Months Ended September 30, 2019 Allowance for loan losses Balance, Recoveries Loans Provision Balance, beginning of credited to charged charged to end of the year allowance off operations period Construction and Land Development $ 6,803 $ 269 $ (4,028) $ 2,863 $ 5,907 Commercial Real Estate - Owner Occupied 4,023 118 (483) 361 4,019 Commercial Real Estate - Non-Owner Occupied 8,865 95 (270) 996 9,686 Multifamily Real Estate 649 85 — 46 780 Commercial & Industrial 7,636 936 (2,162) 2,739 9,149 Residential 1-4 Family - Commercial 1,692 244 (397) 50 1,589 Residential 1-4 Family - Consumer 1,492 256 (108) 158 1,798 Auto 1,443 452 (957) 614 1,552 HELOC 1,297 589 (570) (179) 1,137 Consumer and all other (1) 7,145 1,896 (12,215) 11,377 8,203 Total $ 41,045 $ 4,940 $ (21,190) $ 19,025 $ 43,820 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. Nine Months Ended September 30, 2018 Allowance for loan losses Balance, Recoveries Loans Provision Balance, beginning of credited to charged charged to end of the year allowance off operations period Construction and Land Development $ 9,709 $ 400 $ (703) $ (1,218) $ 8,188 Commercial Real Estate - Owner Occupied 2,931 488 (174) (300) 2,945 Commercial Real Estate - Non-Owner Occupied 7,544 82 (94) 806 8,338 Multifamily Real Estate 1,092 5 — 525 1,622 Commercial & Industrial 4,552 413 (692) 2,429 6,702 Residential 1-4 Family - Commercial 4,437 306 (137) (2,512) 2,094 Residential 1-4 Family - Consumer 1,524 235 (640) 770 1,889 Auto 975 365 (759) 760 1,341 HELOC 1,360 554 (488) (70) 1,356 Consumer and all other (1) 4,084 1,234 (6,412) 7,913 6,819 Total $ 38,208 $ 4,082 $ (10,099) $ 9,103 $ 41,294 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. The following tables show the loan and ALL balances based on impairment methodology by segment as of September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 Loans individually Loans collectively Loans acquired with evaluated for evaluated for deteriorated credit impairment impairment quality Total Loans ALL Loans ALL Loans ALL Loans ALL Construction and Land Development $ 10,605 $ 78 $ 1,182,157 $ 5,829 $ 8,387 $ — $ 1,201,149 $ 5,907 Commercial Real Estate - Owner Occupied 12,932 234 1,938,303 3,785 27,817 — 1,979,052 4,019 Commercial Real Estate - Non-Owner Occupied 2,364 3 3,178,931 9,683 17,285 — 3,198,580 9,686 Multifamily Real Estate 1,212 — 658,641 780 93 — 659,946 780 Commercial & Industrial 3,988 866 2,050,883 8,066 3,262 217 2,058,133 9,149 Residential 1-4 Family - Commercial 6,093 170 702,855 1,419 12,237 — 721,185 1,589 Residential 1-4 Family - Consumer 19,479 805 878,789 993 14,977 — 913,245 1,798 Auto 605 239 327,844 1,313 7 — 328,456 1,552 HELOC 2,041 262 654,647 875 4,275 — 660,963 1,137 Consumer and all other (1) 745 77 584,148 8,126 1,395 — 586,288 8,203 Total loans held for investment, net $ 60,064 $ 2,734 $ 12,157,198 $ 40,869 $ 89,735 $ 217 $ 12,306,997 $ 43,820 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. December 31, 2018 Loans individually Loans collectively Loans acquired with evaluated for evaluated for deteriorated credit impairment impairment quality Total Loans ALL Loans ALL Loans ALL Loans ALL Construction and Land Development $ 10,662 $ 63 $ 1,175,505 $ 6,740 $ 8,654 $ — $ 1,194,821 $ 6,803 Commercial Real Estate - Owner Occupied 12,690 359 1,299,011 3,664 25,644 — 1,337,345 4,023 Commercial Real Estate - Non-Owner Occupied 6,969 1 2,443,106 8,864 17,335 — 2,467,410 8,865 Multifamily Real Estate — — 548,143 649 88 — 548,231 649 Commercial & Industrial 4,242 752 1,310,737 6,884 2,156 — 1,317,135 7,636 Residential 1-4 Family - Commercial 5,498 89 621,320 1,603 13,601 — 640,419 1,692 Residential 1-4 Family - Consumer 16,031 470 641,006 1,022 16,872 — 673,909 1,492 Auto 576 231 301,360 1,212 7 — 301,943 1,443 HELOC 1,874 188 606,394 1,109 5,115 — 613,383 1,297 Consumer and all other (1) 686 64 620,176 7,081 749 — 621,611 7,145 Total loans held for investment, net $ 59,228 $ 2,217 $ 9,566,758 $ 38,828 $ 90,221 $ — $ 9,716,207 $ 41,045 (1) Consumer and Other Commercial are grouped together as Consumer and all other for reporting purposes. |
Loans Receivables Related Risk Rating | The following table shows the recorded investment in all loans, excluding PCI loans, by segment with their related risk level as of September 30, 2019 (dollars in thousands): Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development $ 1,148,732 $ 33,136 $ 10,894 $ — $ 1,192,762 Commercial Real Estate - Owner Occupied 1,850,909 78,451 21,730 145 1,951,235 Commercial Real Estate - Non-Owner Occupied 3,124,018 54,884 2,297 96 3,181,295 Multifamily Real Estate 645,193 13,448 1,212 — 659,853 Commercial & Industrial 1,949,546 99,337 5,988 — 2,054,871 Residential 1-4 Family - Commercial 679,023 22,772 7,153 — 708,948 Residential 1-4 Family - Consumer 871,391 4,584 22,293 — 898,268 Auto 324,396 1,990 2,063 — 328,449 HELOC 644,019 6,529 6,140 — 656,688 Consumer 384,744 1,182 240 — 386,166 Other Commercial 196,511 2,057 159 — 198,727 Total $ 11,818,482 $ 318,370 $ 80,169 $ 241 $ 12,217,262 The following table shows the recorded investment in all loans, excluding PCI loans, by segment with their related risk level as of December 31, 2018 (dollars in thousands): Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development $ 1,130,577 $ 43,894 $ 11,696 $ — $ 1,186,167 Commercial Real Estate - Owner Occupied 1,231,422 50,939 29,340 — 1,311,701 Commercial Real Estate - Non-Owner Occupied 2,425,500 17,648 6,927 — 2,450,075 Multifamily Real Estate 537,572 10,571 — — 548,143 Commercial & Industrial 1,273,549 34,864 6,566 — 1,314,979 Residential 1-4 Family - Commercial 606,955 14,876 4,987 — 626,818 Residential 1-4 Family - Consumer 624,346 17,065 15,626 — 657,037 Auto 296,907 3,590 1,439 — 301,936 HELOC 598,444 6,316 3,508 — 608,268 Consumer 378,873 547 242 — 379,662 Other Commercial 239,857 864 479 — 241,200 Total $ 9,344,002 $ 201,174 $ 80,810 $ — $ 9,625,986 |
Schedule of Acquired Loan Portfolio and Accretable Yield | The following shows changes in the accretable yield for loans accounted for under ASC 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality, For the Nine Months Ended September 30, 2019 2018 Balance at beginning of period $ 31,201 $ 14,563 Additions 2,432 12,225 Accretion (9,830) (6,666) Reclass of nonaccretable difference due to improvement in expected cash flows 1,372 360 Measurement period adjustment 2,629 2,981 Other, net (1) 5,083 1,845 Balance at end of period $ 32,887 $ 25,308 (1) This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate PCI loans, and discounted payoffs that occurred in the quarter. |
Purchased Impaired | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Summary of Aging of the Loan Portfolio by Class | The following table shows the PCI loan portfolios, by segment and their delinquency status, at September 30, 2019 (dollars in thousands): 30-89 Days Greater than Past Due 90 Days Current Total Construction and Land Development $ 126 $ 399 $ 7,862 $ 8,387 Commercial Real Estate - Owner Occupied 526 3,262 24,029 27,817 Commercial Real Estate - Non-Owner Occupied 137 980 16,168 17,285 Multifamily Real Estate — — 93 93 Commercial & Industrial — 1,043 2,219 3,262 Residential 1-4 Family - Commercial 421 479 11,337 12,237 Residential 1-4 Family - Consumer 844 1,912 12,221 14,977 Auto — — 7 7 HELOC 208 287 3,780 4,275 Consumer 4 15 663 682 Other Commercial — — 713 713 Total $ 2,266 $ 8,377 $ 79,092 $ 89,735 The following table shows the PCI loan portfolios, by segment and their delinquency status, at December 31, 2018 (dollars in thousands): 30-89 Days Greater than Past Due 90 Days Current Total Construction and Land Development $ 108 $ 1,424 $ 7,122 $ 8,654 Commercial Real Estate - Owner Occupied 658 4,281 20,705 25,644 Commercial Real Estate - Non-Owner Occupied 61 1,810 15,464 17,335 Multifamily Real Estate — — 88 88 Commercial & Industrial 47 1,092 1,017 2,156 Residential 1-4 Family - Commercial 871 3,454 9,276 13,601 Residential 1-4 Family - Consumer 1,959 2,422 12,491 16,872 Auto — — 7 7 HELOC 498 252 4,365 5,115 Consumer 5 9 18 32 Other Commercial 57 — 660 717 Total $ 4,264 $ 14,744 $ 71,213 $ 90,221 |
Loans Receivables Related Risk Rating | The following table shows the recorded investment in only PCI loans by segment with their related risk level as of September 30, 2019 (dollars in thousands): Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development $ 1,233 $ 3,993 $ 3,161 $ — $ 8,387 Commercial Real Estate - Owner Occupied 8,273 10,845 8,699 — 27,817 Commercial Real Estate - Non-Owner Occupied 3,855 9,533 3,897 — 17,285 Multifamily Real Estate — 93 — — 93 Commercial & Industrial 115 57 3,090 — 3,262 Residential 1-4 Family - Commercial 6,490 2,780 2,967 — 12,237 Residential 1-4 Family - Consumer 10,074 233 4,670 — 14,977 Auto 3 — 4 — 7 HELOC 3,092 607 576 — 4,275 Consumer 660 4 18 — 682 Other Commercial 122 591 — — 713 Total $ 33,917 $ 28,736 $ 27,082 $ — $ 89,735 The following table shows the recorded investment in only PCI loans by segment with their related risk level as of December 31, 2018 (dollars in thousands): Pass Watch & Special Mention Substandard Doubtful Total Construction and Land Development $ 1,835 $ 1,308 $ 5,511 $ — $ 8,654 Commercial Real Estate - Owner Occupied 8,347 6,685 10,612 — 25,644 Commercial Real Estate - Non-Owner Occupied 4,789 7,992 4,554 — 17,335 Multifamily Real Estate — 88 — — 88 Commercial & Industrial 762 134 1,260 — 2,156 Residential 1-4 Family - Commercial 6,476 2,771 4,354 — 13,601 Residential 1-4 Family - Consumer 9,930 1,030 5,912 — 16,872 Auto 7 — — — 7 HELOC 3,438 1,031 646 — 5,115 Consumer 17 — 15 — 32 Other Commercial 57 660 — — 717 Total $ 35,658 $ 21,699 $ 32,864 $ — $ 90,221 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated Remaining Amortization Expense of Core Deposit and Other Intangible Assets | As of September 30, 2019, the estimated remaining amortization expense of intangibles is as follows for the years ending (dollars in thousands): For the remaining three months of 2019 $ 4,573 2020 16,483 2021 13,874 2022 11,490 2023 9,687 Thereafter 22,134 Total estimated amortization expense $ 78,241 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Maturity of Operating Leases | Maturities of operating lease liabilities as of September 30, 2019 are as follows for the years ending (dollars in thousands): For the remaining three months of 2019 $ 3,335 2020 12,392 2021 10,713 2022 9,934 2023 9,022 2024 7,741 Thereafter 19,588 Total future lease payments 72,725 Less: Interest 3,917 Present value of lease liabilities $ 68,808 |
Other Lease Information | Other lease information is as follows (dollars in thousands): September 30, 2019 Lease Term and Discount Rate of Operating leases: Weighted-average remaining lease term (years) 8.56 Weighted-average discount rate (1) 2.78 % Cash paid for amounts included in measurement of lease liabilities: Operating Cash Flows from Operating Leases $ 10,327 Right-of-use assets obtained in exchange for lease obligations: Operating leases 5,979 (1) An incremental borrowing rate is used based on information available at commencement date of lease. |
BORROWINGS (Tables)
BORROWINGS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Total short-term borrowings consist of the following as of September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, December 31, 2019 2018 Securities sold under agreements to repurchase $ 67,260 $ 39,197 Federal Funds Purchased — — FHLB Advances 344,600 1,043,600 Other short-term borrowings — 5,000 Total short-term borrowings $ 411,860 $ 1,087,797 Maximum month-end outstanding balance $ 509,949 $ 1,087,797 Average outstanding balance during the period 804,644 968,014 Average interest rate (during the period) 2.38 % 1.91 % Average interest rate at end of period 1.97 % 2.43 % |
Trust Preferred Capital Notes Qualify for Tier 1 Capital | The trust preferred capital notes currently qualify for Tier 2 capital of the Company for regulatory purposes. Trust preferred capital notes consist of the following as of September 30, 2019: Trust Preferred Capital Spread to Securities (1) Investment (1) 3-Month LIBOR Rate (2) Maturity Trust Preferred Capital Note - Statutory Trust I $ 22,500,000 $ 696,000 2.75 % 4.84 % 6/17/2034 Trust Preferred Capital Note - Statutory Trust II 36,000,000 1,114,000 1.40 % 3.49 % 6/15/2036 VFG Limited Liability Trust I Indenture 20,000,000 619,000 2.73 % 4.82 % 3/18/2034 FNB Statutory Trust II Indenture 12,000,000 372,000 3.10 % 5.19 % 6/26/2033 Gateway Capital Statutory Trust I 8,000,000 248,000 3.10 % 5.19 % 9/17/2033 Gateway Capital Statutory Trust II 7,000,000 217,000 2.65 % 4.74 % 6/17/2034 Gateway Capital Statutory Trust III 15,000,000 464,000 1.50 % 3.59 % 5/30/2036 Gateway Capital Statutory Trust IV 25,000,000 774,000 1.55 % 3.64 % 7/30/2037 MFC Capital Trust II 5,000,000 155,000 2.85 % 4.94 % 1/23/2034 Total $ 150,500,000 $ 4,659,000 (1) The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Company’s junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company’s investment in the trusts is reported in "Other Assets" on the Company’s Consolidated Balance Sheets. (2) Rate as of September 30, 2019. |
Advances from the FHLB | As of September 30, 2019, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands): Spread to 3-Month Interest Long-term Type LIBOR Rate (1) Maturity Date Advance Amount Convertible Flipper (0.75) % 1.34 % 8/17/2029 $ 50,000 Convertible Flipper (0.50) % 1.59 % 5/15/2024 200,000 Convertible Flipper (0.75) % 1.34 % 5/22/2029 150,000 Convertible Flipper (0.75) % 1.34 % 5/30/2029 50,000 Convertible Flipper (0.75) % 1.34 % 6/21/2029 100,000 Fixed Rate Convertible - 1.78 % 10/26/2028 200,000 Fixed Rate Hybrid - 2.37 % 10/10/2019 25,000 Fixed Rate Hybrid - 1.58 % 5/18/2020 20,000 Fixed Rate Hybrid - 2.65 % 10/24/2019 25,000 Fixed Rate Credit - 1.54 % 10/2/2020 10,000 Fixed Rate Credit - 1.32 % 10/2/2019 10,000 $ 840,000 (1) Interest rates calculated using non-rounded numbers. As of December 31, 2018, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands): Spread to 3-Month Interest Long-term Type LIBOR Rate (1) Maturity Date Advance Amount Adjustable Rate Credit 0.44 % 3.25 % 8/23/2022 $ 55,000 Adjustable Rate Credit 0.45 % 3.26 % 11/23/2022 65,000 Adjustable Rate Credit 0.45 % 3.26 % 11/23/2022 10,000 Adjustable Rate Credit 0.45 % 3.26 % 11/23/2022 10,000 Fixed Rate Convertible - 1.78 % 10/26/2028 200,000 Fixed Rate Hybrid - 2.37 % 10/10/2019 25,000 Fixed Rate Hybrid - 1.58 % 5/18/2020 20,000 $ 385,000 (1) Interest rates calculated using non-rounded numbers. |
Contractual Maturities of Long-Term Debt | As of September 30, 2019, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands): Trust Preferred Fair Value Capital Subordinated FHLB Premium Total Long-term Notes Debt Advances (Discount) (1) Borrowings For the remaining three months of 2019 $ — $ — $ 60,000 $ (174) $ 59,826 2020 — — 30,000 (834) 29,166 2021 — — — (1,008) (1,008) 2022 — — — (1,030) (1,030) 2023 — — — (1,053) (1,053) Thereafter 155,159 158,500 750,000 (12,239) 1,051,420 Total long-term borrowings $ 155,159 $ 158,500 $ 840,000 $ (16,338) $ 1,137,321 (1) Includes discount on issued subordinated notes. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Balances of Commitments and Contingencies | The following table presents the balances of commitments and contingencies (dollars in thousands): September 30, 2019 December 31, 2018 Commitments with off-balance sheet risk: Commitments to extend credit (1) $ 4,143,637 $ 3,167,085 Standby letters of credit 199,928 167,597 Total commitments with off-balance sheet risk $ 4,343,565 $ 3,334,682 (1) Includes unfunded overdraft protection. |
Schedule of Pledged Assets, Not Separately Reported on Statement of Financial Position | As part of the Company’s liquidity management strategy, it pledges collateral to secure various financing and other activities that occur during the normal course of business. The following tables present the types of collateral pledged, at September 30, 2019 and December 31, 2018 (dollars in thousands): Pledged Assets as of September 30, 2019 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 474,155 $ 291,865 $ — $ 766,020 Repurchase agreements — 81,419 7,633 — 89,052 FHLB advances — 65,329 — 3,828,487 3,893,816 Derivatives 133,679 1,433 — — 135,112 Fed Funds — — — 263,604 263,604 Other purposes — 126,213 10,772 — 136,985 Total pledged assets $ 133,679 $ 748,549 $ 310,270 $ 4,092,091 $ 5,284,589 (1) Balance represents market value. (2) Balance represents book value. Pledged Assets as of December 31, 2018 AFS HTM Cash Securities (1) Securities (1) Loans (2) Total Public deposits $ — $ 293,169 $ 7,407 $ — $ 300,576 Repurchase agreements — 55,269 — — 55,269 FHLB advances — 488 — 3,337,289 3,337,777 Derivatives 13,509 1,938 — — 15,447 Other purposes — 23,217 — — 23,217 Total pledged assets $ 13,509 $ 374,081 $ 7,407 $ 3,337,289 $ 3,732,286 (1) Balance represents book value. (2) Balance represents market value. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the Derivatives | The following table summarizes key elements of the Company’s derivative instruments as of September 30, 2019 and December 31, 2018, segregated by derivatives that are considered accounting hedges and those that are not (dollars in thousands): September 30, 2019 December 31, 2018 Derivative (2) Derivative (2) Notional or Notional or Contractual Contractual Amount (1) Assets Liabilities Amount (1) Assets Liabilities Derivatives designated as accounting hedges: Interest rate contracts: Cash flow hedges $ 100,000 $ — $ 1,323 $ 152,500 $ — $ 4,786 Fair value hedges 134,175 — 8,527 137,596 1,872 1,684 Derivatives not designated as accounting hedges: Loan Swaps : Pay fixed - receive floating interest rate swaps 1,392,662 105 74,317 878,446 10,120 9,306 Pay floating - receive fixed interest rate swaps 1,392,662 74,317 105 878,446 9,306 10,120 (1) Notional amounts are not recorded on the Company’s Consolidated Balance Sheets and are generally used only as a basis on which interest and other payments are determined. (2) Balances represent fair value of derivative financial instruments. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table summarizes the carrying value of the Company’s hedged assets in fair value hedges and the associated cumulative basis adjustments included in those carrying values as of September 30, 2019 and December 31, 2018 (dollars in thousands): September 30, 2019 December 31, 2018 Cumulative Cumulative Amount of Basis Amount of Basis Adjustments Adjustments Included in the Included in the Carrying Amount Carrying Carrying Amount Carrying of Hedged Amount of the of Hedged Amount of the Assets/(Liabilities) Hedged Assets/(Liabilities) Hedged Amount (1) Assets/(Liabilities) Amount (1) Assets/(Liabilities) Line items on the Consolidated Balance Sheets in which the hedged item is included: Securities available-for-sale (1) (2) $ 213,177 $ 5,236 $ 224,241 $ 1,399 Loans 84,175 3,285 87,596 (1,572) (1) These amounts include the amortized cost basis of the investment securities designated in hedging relationships for which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. For the periods ended September 30, 2019 and December 31, 2018, the amortized cost basis of this portfolio was $213 million and $224 million, respectively and the cumulative basis adjustment associated with this hedge was $5.2 million and $1.4 million, respectively. The amount of the designated hedged item was $50 million. (2) Carrying value represents amortized cost. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Change in Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss) The change in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2019 is summarized as follows, net of tax (dollars in thousands): Unrealized Gains (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) on Securities HTM Flow Hedge BOLI Total Balance - June 30, 2019 $ 36,125 $ 85 $ (7,155) $ (988) $ 28,067 Other comprehensive income (loss): Other comprehensive income (loss) before reclassification 12,364 — 6,025 (647) 17,742 Amounts reclassified from AOCI into earnings (5,612) (5) 158 19 (5,440) Net current period other comprehensive income (loss) 6,752 (5) 6,183 (628) 12,302 Balance - September 30, 2019 $ 42,877 $ 80 $ (972) $ (1,616) $ 40,369 Unrealized Gains (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) on Securities HTM Flow Hedge BOLI Total Balance - December 31, 2018 $ (5,949) $ 95 $ (3,393) $ (1,026) $ (10,273) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification 54,598 — 1,970 (647) 55,921 Amounts reclassified from AOCI into earnings (5,772) (15) 451 57 (5,279) Net current period other comprehensive income (loss) 48,826 (15) 2,421 (590) 50,642 Balance - September 30, 2019 $ 42,877 $ 80 $ (972) $ (1,616) $ 40,369 The change in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2018 is summarized as follows, net of tax (dollars in thousands): Unrealized Gain (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) Securities HTM Flow Hedge on BOLI Total Balance - June 30, 2018 $ (10,813) $ 105 $ (2,273) $ (1,064) $ (14,045) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification (11,310) — 575 — (10,735) Amounts reclassified from AOCI into earnings (77) (5) 227 19 164 Net current period other comprehensive income (loss) (11,387) (5) 802 19 (10,571) Balance - September 30, 2018 $ (22,200) $ 100 $ (1,471) $ (1,045) $ (24,616) Unrealized Gain (Losses) Unrealized for AFS Unrealized Gains (Losses) Securities Change in Fair Gains on AFS Transferred to Value of Cash (Losses) Securities HTM Flow Hedge on BOLI Total Balance - December 31, 2017 $ 1,874 $ 2,705 $ (4,361) $ (1,102) $ (884) Transfers of HTM securities to AFS securities (1) 2,785 (2,785) — — — Cumulative effects from adoption of new accounting standard (2) 404 583 (1,094) — (107) Other comprehensive income (loss): Other comprehensive income (loss) before reclassification (1) (27,087) — 3,214 — (23,873) Amounts reclassified from AOCI into earnings (176) (403) 770 57 248 Net current period other comprehensive income (loss) (27,263) (403) 3,984 57 (23,625) Balance - September 30, 2018 $ (22,200) $ 100 $ (1,471) $ (1,045) $ (24,616) (1) During the second quarter of 2018, the Company adopted ASU No. 2017-12,"Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities". As part of this adoption, the Company made a one-time election to transfer eligible HTM securities to the AFS category. The transfer of these securities resulted in an increase of approximately $400,000 to AOCI and is included as unrealized gains (losses) on AFS securities above. (2) During the second quarter of 2018, the Company adopted ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." As part of this adoption, the Company reclassified approximately $107,000 from AOCI to retained earnings. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis at September 30, 2019 and December 31, 2018 (dollars in thousands): Fair Value Measurements at September 30, 2019 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: U.S. government and agency securities $ — $ 4,490 $ — $ 4,490 Obligations of states and political subdivisions — 438,613 — 438,613 Corporate and other bonds — 229,524 — 229,524 Mortgage-backed securities — 1,243,165 — 1,243,165 Other securities — 3,067 — 3,067 Loans held for sale — 72,208 — 72,208 Derivatives: Interest rate swap — 74,422 — 74,422 LIABILITIES Derivatives: Interest rate swap $ — $ 74,422 $ — $ 74,422 Cash flow hedges — 1,323 — 1,323 Fair value hedges — 8,527 — 8,527 Fair Value Measurements at December 31, 2018 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS AFS securities: Obligations of states and political subdivisions $ — $ 468,491 $ — $ 468,491 Corporate and other bonds — 167,696 — 167,696 Mortgage-backed securities — 1,129,865 — 1,129,865 Other securities — 8,769 — 8,769 Derivatives: Interest rate swap — 19,426 — 19,426 Fair value hedges — 1,872 — 1,872 LIABILITIES Derivatives: Interest rate swap $ — $ 19,426 $ — $ 19,426 Cash flow hedges — 4,786 — 4,786 Fair value hedges — 1,684 — 1,684 |
Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis | The following tables summarize the Company’s financial assets that were measured at fair value on a nonrecurring basis at September 30, 2019 and December 31, 2018 (dollars in thousands): Fair Value Measurements at September 30, 2019 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS Impaired loans $ — $ — $ 1,837 $ 1,837 Foreclosed properties — — 6,385 6,385 Former bank premises — — 5,533 5,533 Fair Value Measurements at December 31, 2018 using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Level 1 Level 2 Level 3 Balance ASSETS Impaired loans $ — $ — $ 3,734 $ 3,734 Foreclosed properties — — 6,722 6,722 Former bank premises — — 2,090 2,090 |
Carrying Values and Estimated Fair Values of the Company's Financial Instruments | The carrying values and estimated fair values of the Company’s financial instruments at September 30, 2019 and December 31, 2018 are as follows (dollars in thousands): Fair Value Measurements at September 30, 2019 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 591,920 $ 591,920 $ — $ — $ 591,920 AFS securities 1,918,859 — 1,918,859 — 1,918,859 HTM securities 556,579 — 589,884 17,832 607,716 Restricted stock 132,310 — 132,310 — 132,310 Loans held for sale 72,208 — 72,208 — 72,208 Net loans 12,263,177 — — 12,112,840 12,112,840 Derivatives: Interest rate swap 74,422 — 74,422 — 74,422 Accrued interest receivable 51,606 — 51,606 — 51,606 BOLI 320,779 — 320,779 — 320,779 LIABILITIES Deposits $ 13,044,712 $ — $ 13,083,351 $ — $ 13,083,351 Borrowings 1,549,181 — 1,520,708 — 1,520,708 Accrued interest payable 8,919 — 8,919 — 8,919 Derivatives: Interest rate swap 74,422 — 74,422 — 74,422 Cash flow hedges 1,323 — 1,323 — 1,323 Fair value hedges 8,527 — 8,527 — 8,527 Fair Value Measurements at December 31, 2018 using Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Total Fair Identical Assets Inputs Inputs Value Carrying Value Level 1 Level 2 Level 3 Balance ASSETS Cash and cash equivalents $ 261,199 $ 261,199 $ — $ — $ 261,199 AFS securities 1,774,821 — 1,774,821 — 1,774,821 HTM securities 492,272 — 499,501 — 499,501 Restricted stock 124,602 — 124,602 — 124,602 Net loans 9,675,162 — — 9,534,717 9,534,717 Derivatives: Interest rate swap 19,426 — 19,426 — 19,426 Fair value hedges 1,872 — 1,872 — 1,872 Accrued interest receivable 46,062 — 46,062 — 46,062 BOLI 263,034 — 263,034 — 263,034 LIABILITIES Deposits $ 9,970,960 $ — $ 9,989,788 $ — $ 9,989,788 Borrowings 1,756,278 — 1,742,038 — 1,742,038 Accrued interest payable 5,284 — 5,284 — 5,284 Derivatives: Interest rate swap 19,426 — 19,426 — 19,426 Cash flow hedges 4,786 — 4,786 — 4,786 Fair value hedges 1,684 — 1,684 — 1,684 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Noninterest income disaggregated by major source, for the three and nine months ended September 30, 2019 and 2018, consisted of the following (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2019 2018 2019 2018 Noninterest income: Deposit Service Charges (1) Overdraft fees, net $ 6,021 $ 5,345 $ 17,847 $ 15,338 Maintenance fees & other 1,654 1,138 4,484 3,228 Other service charges and fees (1) 1,513 1,625 4,879 4,137 Interchange fees, net (1) 2,108 4,882 12,765 14,163 Fiduciary and asset management fees (1) Trust asset management fees 2,661 1,321 5,977 4,102 Registered advisor management fees, net 2,219 2,110 7,919 4,435 Brokerage management fees, net 1,202 980 2,938 2,970 Mortgage banking income, net 3,374 — 7,614 — Gains (losses) on securities transactions, net 7,104 97 7,306 222 Bank owned life insurance income 2,062 1,732 6,191 5,126 Loan-related interest rate swap fees, net 5,480 562 10,656 2,178 Gain on Shore Premier sale — (933) — 19,966 Other operating income (2) 12,708 1,028 15,045 4,887 Total noninterest income (3) $ 48,106 $ 19,887 $ 103,621 $ 80,752 (1) Income within scope of Topic 606. (2) Includes income within the scope of Topic 606 of $ 343,000 and $ 946,000 for the three months ended September 30, 2019 and 2018 , respectively, and $ 2.2 million and $ 2.5 million for the nine months ended September 30, 2019 and 2018 , respectively. The remaining balance is outside the scope of Topic 606 and includes $9.3 million from life insurance proceeds received during the three months ended September 30, 2019 related to a Xenith acquired loan that had been charged off prior to the Company’s acquisition of Xenith. (3) Noninterest income for the discontinued mortgage segment is reported in Note 14 "Segment Reporting & Discontinued Operations." |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Denominators of the Basic and Diluted EPS Computations | The following table presents EPS from continuing operations, discontinued operations and total net income available to common shareholders for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net Income: Income from continuing operations $ 53,196 $ 38,762 $ 137,820 $ 105,136 Income (loss) from discontinued operations 42 (565) (128) (2,973) Net income available to common shareholders $ 53,238 $ 38,197 $ 137,692 $ 102,163 Weighted average shares outstanding, basic 81,769 65,975 80,121 65,818 Dilutive effect of stock awards and warrants 64 38 63 55 Weighted average shares outstanding, diluted 81,833 66,013 80,184 65,873 Basic EPS: EPS from continuing operations $ 0.65 $ 0.59 $ 1.72 $ 1.60 EPS from discontinued operations — (0.01) — (0.05) EPS available to common shareholders $ 0.65 $ 0.58 $ 1.72 $ 1.55 Diluted EPS: EPS from continuing operations $ 0.65 $ 0.59 $ 1.72 $ 1.60 EPS from discontinued operations — (0.01) — (0.05) EPS available to common shareholders $ 0.65 $ 0.58 $ 1.72 $ 1.55 |
SEGMENT REPORTING & DISCONTIN_2
SEGMENT REPORTING & DISCONTINUED OPERATIONS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Information About Reportable Segments and Reconciliation | The following table presents summarized operating results of the discontinued mortgage segment for the three and nine months ended September 30, 2019 and 2018, respectively (dollars in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net interest income $ — $ 207 $ — $ 850 Provision for credit losses — 83 — (181) Net interest income after provision for credit losses — 124 — 1,031 Noninterest income — 181 1 3,891 Noninterest expenses (56) 1,066 174 8,690 Income before income taxes 56 (761) (173) (3,768) Income tax expense (benefit) 14 (196) (45) (795) Net income (loss) on discontinued operations $ 42 $ (565) $ (128) $ (2,973) |
ACCOUNTING POLICIES - The Compa
ACCOUNTING POLICIES - The Company and Business Combinations and Divestitures Narrative (Details) $ in Thousands | Feb. 01, 2019USD ($)shares | Sep. 30, 2019USD ($)item | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Date when former legal or registered name was changed | May 17, 2019 | |||
Number of bank branches (branch) | item | 149 | |||
Number of ATMs (ATM) | item | 170 | |||
Cash paid in acquisition | $ 12 | $ 14,284 | ||
Goodwill | $ 929,815 | $ 727,168 | ||
Access National Bank | ||||
Business Acquisition [Line Items] | ||||
Fair value of total consideration transferred | $ 499,986 | |||
Number of shares equivalent to each share of acquired entity (shares) | shares | 0.75 | |||
Number of common shares issued (shares) | shares | 15,842,026 | |||
Cash paid in acquisition | $ 12 | |||
Goodwill | 202,631 | |||
Acquired amortizable intangible assets | $ 43,500 | |||
Minimum | Access National Bank | ||||
Business Acquisition [Line Items] | ||||
Intangible assets, amortization period (years) | 5 years | |||
Maximum | Access National Bank | ||||
Business Acquisition [Line Items] | ||||
Intangible assets, amortization period (years) | 10 years |
ACCOUNTING POLICIES - Affordabl
ACCOUNTING POLICIES - Affordable Housing Entities Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Affordable Housing Projects [Abstract] | |||||
Affordable housing projects, recognized amortization | $ 624 | $ 227 | $ 1,800 | $ 699 | |
Affordable housing projects, tax credits | 806 | $ 275 | 2,100 | $ 839 | |
Affordable housing projects, investment amount | 29,900 | 29,900 | $ 10,800 | ||
Affordable housing projects, liability | $ 12,800 | $ 12,800 | $ 9,900 |
ACCOUNTING POLICIES - New Accou
ACCOUNTING POLICIES - New Accounting Standards (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Sep. 30, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease, liability | $ 68,808 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease, liability | 68,800 | $ 53,200 | |
Operating lease, right-of-use asset | 57,000 | $ 48,900 | |
Accounting Standards Update 2016-13 | Minimum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | 90,000 | ||
Accounting Standards Update 2016-13 | Maximum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | 100,000 | ||
Accumulated Other Comprehensive Income (Loss) | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | $ (107) | ||
Accumulated Other Comprehensive Income (Loss) | Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | $ (1,100) |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands | Feb. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Business Acquisition [Line Items] | |||||
Cash paid in acquisition | $ 12 | $ 14,284 | |||
Merger-related costs | $ 2,435 | $ 1,429 | 26,928 | 37,414 | |
Access National Bank | |||||
Business Acquisition [Line Items] | |||||
Number of shares equivalent to each share of acquired entity (shares) | 0.75 | ||||
Number of common shares issued (shares) | 15,842,026 | ||||
Consideration transferred, fair value | $ 499,974 | ||||
Cash paid in acquisition | 12 | ||||
Merger-related costs | $ 2,000 | $ 25,600 | $ 0 | ||
Performing | Access National Bank | |||||
Business Acquisition [Line Items] | |||||
Acquired performing loans, fair value | 2,100,000 | ||||
Contractually required principal and interest payments | 2,500,000 | ||||
Contractual cash flows not expected to be collected | 17,900 | ||||
Nonperforming | Access National Bank | |||||
Business Acquisition [Line Items] | |||||
Fair value of loans acquired with a deterioration of credit quality | 33,110 | ||||
Contractually required principal and interest payments | $ 44,232 |
ACQUISITIONS - Recognized Ident
ACQUISITIONS - Recognized Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Feb. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Cash paid for fractional shares | $ 12 | $ 14,284 | ||
Fair value of liabilities assumed: | ||||
Goodwill | $ 929,815 | $ 727,168 | ||
Access National Bank | ||||
Business Acquisition [Line Items] | ||||
Fair value of shares of the Company's common stock issued | $ 499,974 | |||
Cash paid for fractional shares | 12 | |||
Total purchase price | 499,986 | |||
Fair value of assets acquired: | ||||
Cash and cash equivalents | 46,164 | |||
Investments | 464,742 | |||
Loans | 2,173,481 | |||
Premises and equipment | 28,001 | |||
Core deposit intangibles | 40,860 | |||
Other assets | 102,745 | |||
Total assets | 2,855,993 | |||
Fair value of liabilities assumed: | ||||
Deposits | 2,227,073 | |||
Short-term borrowings | 220,685 | |||
Long-term borrowings | 70,535 | |||
Other liabilities | 40,345 | |||
Total liabilities | 2,558,638 | |||
Net assets acquired | 297,355 | |||
Goodwill | $ 202,631 |
ACQUISITIONS - Acquired Loans R
ACQUISITIONS - Acquired Loans Receivable (Details) - Nonperforming - Access National Bank $ in Thousands | Feb. 01, 2019USD ($) |
Business Acquisition [Line Items] | |
Contractually required principal and interest payments | $ 44,232 |
Nonaccretable difference | (6,062) |
Cash flows expected to be collected | 38,170 |
Accretable difference | (5,060) |
Fair value of loans acquired with a deterioration of credit quality | $ 33,110 |
ACQUISITIONS - Pro Forma Inform
ACQUISITIONS - Pro Forma Information (Details) - Access National Bank - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Acquisition [Line Items] | ||||
Total revenues | $ 184,707 | $ 159,128 | $ 517,016 | $ 500,505 |
Net income | $ 54,847 | $ 47,625 | $ 160,635 | $ 130,201 |
Earnings per share (in dollars per share) | $ 0.67 | $ 0.58 | $ 1.99 | $ 1.60 |
SECURITIES (Amortized Cost, Gro
SECURITIES (Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Total AFS securities | $ 1,859,349 | $ 1,780,952 |
Gross Unrealized Gains | 60,866 | 9,414 |
Gross Unrealized (Losses) | (1,356) | (15,545) |
Estimated Fair Value | 1,918,859 | 1,774,821 |
U.S. government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total AFS securities | 4,475 | |
Gross Unrealized Gains | 15 | |
Gross Unrealized (Losses) | 0 | |
Estimated Fair Value | 4,490 | |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total AFS securities | 411,690 | 466,588 |
Gross Unrealized Gains | 26,935 | 3,844 |
Gross Unrealized (Losses) | (12) | (1,941) |
Estimated Fair Value | 438,613 | 468,491 |
Corporate and other bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total AFS securities | 224,854 | 167,561 |
Gross Unrealized Gains | 5,044 | 1,118 |
Gross Unrealized (Losses) | (374) | (983) |
Estimated Fair Value | 229,524 | 167,696 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total AFS securities | 1,215,263 | 1,138,034 |
Gross Unrealized Gains | 28,872 | 4,452 |
Gross Unrealized (Losses) | (970) | (12,621) |
Estimated Fair Value | 1,243,165 | 1,129,865 |
Other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total AFS securities | 3,067 | 8,769 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | 0 | 0 |
Estimated Fair Value | $ 3,067 | $ 8,769 |
SECURITIES (Schedule of Gross U
SECURITIES (Schedule of Gross Unrealized Losses and Fair Value of Investments) (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of gross unrealized losses and fair value of investments [Line Items] | ||
Less than 12 months, Fair Value | $ 117,286,000 | $ 475,029,000 |
Less than 12 months, Unrealized Losses | (551,000) | (5,361,000) |
More than 12 Months, Fair Value | 99,846,000 | 385,433,000 |
More than 12 months, Unrealized Losses | (805,000) | (10,184,000) |
Total, Fair Value | 217,132,000 | 860,462,000 |
Total, Unrealized Losses | (1,356,000) | (15,545,000) |
Obligations of states and political subdivisions | ||
Schedule of gross unrealized losses and fair value of investments [Line Items] | ||
Less than 12 months, Fair Value | 2,296,000 | 133,513,000 |
Less than 12 months, Unrealized Losses | (12,000) | (1,566,000) |
More than 12 Months, Fair Value | 0 | 10,145,000 |
More than 12 months, Unrealized Losses | 0 | (375,000) |
Total, Fair Value | 2,296,000 | 143,658,000 |
Total, Unrealized Losses | (12,000) | (1,941,000) |
Corporate and other bonds | ||
Schedule of gross unrealized losses and fair value of investments [Line Items] | ||
Less than 12 months, Fair Value | 25,341,000 | 35,478,000 |
Less than 12 months, Unrealized Losses | (149,000) | (315,000) |
More than 12 Months, Fair Value | 25,306,000 | 33,888,000 |
More than 12 months, Unrealized Losses | (225,000) | (668,000) |
Total, Fair Value | 50,647,000 | 69,366,000 |
Total, Unrealized Losses | (374,000) | (983,000) |
Mortgage-backed securities | ||
Schedule of gross unrealized losses and fair value of investments [Line Items] | ||
Less than 12 months, Fair Value | 89,649,000 | 306,038,000 |
Less than 12 months, Unrealized Losses | (390,000) | (3,480,000) |
More than 12 Months, Fair Value | 74,540,000 | 341,400,000 |
More than 12 months, Unrealized Losses | (580,000) | (9,141,000) |
Total, Fair Value | 164,189,000 | 647,438,000 |
Total, Unrealized Losses | $ (970,000) | $ (12,621,000) |
SECURITIES (Narrative) (Details
SECURITIES (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)security | Sep. 30, 2019USD ($)security | Dec. 31, 2018USD ($)security | |
Schedule of Investments [Line Items] | |||
Available-for-sale securities that had been in a continuous loss position for more than 12 months, fair value | $ 99,846,000 | $ 99,846,000 | $ 385,433,000 |
Available-for-sale securities that had been in a continuous loss position for more than 12 months, unrealized loss | 805,000 | 805,000 | $ 10,184,000 |
Individual held-to-maturity securities in continuous loss position for more than 12 months | 0 | $ 0 | |
Federal Home Loan Bank requires Bank to maintain percentage of stock equal to outstanding borrowings | 4.25% | 4.25% | |
Held-to-maturity, securities in unrealized loss positions, qualitative disclosure, number of positions (security) | security | 0 | ||
Percentage of Federal Reserve Bank of Richmond reserve | 6.00% | 6.00% | |
Restricted equity securities consist of Federal Reserve Bank stock | 67,000,000 | $ 67,000,000 | $ 52,600,000 |
Federal Home Loan Bank stock | 65,400,000 | 65,400,000 | $ 72,000,000 |
Credit-related OTTI | 0 | ||
Available-for-sale Securities | |||
Schedule of Investments [Line Items] | |||
Available-for-sale securities that had been in a continuous loss position for more than 12 months, fair value | $ 99,900,000 | $ 99,900,000 | |
Number of available-for-sale securities that had been in a continuous loss position | security | 56 | 56 | 138 |
SECURITIES (Schedule of Amortiz
SECURITIES (Schedule of Amortized Cost and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due in one year or less | $ 22,682 | $ 22,653 |
Due after one year through five years | 161,289 | 191,003 |
Due after five years through ten years | 263,488 | 218,211 |
Due after ten years | 1,411,890 | 1,349,085 |
Total AFS securities | 1,859,349 | 1,780,952 |
Estimated Fair Value | ||
Due in one year or less | 22,805 | 22,789 |
Due after one year through five years | 163,908 | 188,999 |
Due after five years through ten years | 269,757 | 217,304 |
Due after ten years | 1,462,389 | 1,345,729 |
Total AFS securities | 1,918,859 | 1,774,821 |
Carrying Value | ||
Due in one year or less | 504 | 0 |
Due after one year through five years | 8,934 | 3,893 |
Due after five years through ten years | 3,160 | 3,480 |
Due after ten years | 543,981 | 484,899 |
Total HTM securities | 556,579 | 492,272 |
Estimated Fair Value | ||
Due in one year or less | 507 | 0 |
Due after one year through five years | 9,165 | 3,900 |
Due after five years through ten years | 3,247 | 3,507 |
Due after ten years | 594,797 | 492,094 |
Total HTM securities | $ 607,716 | $ 499,501 |
SECURITIES (Schedule of Carryin
SECURITIES (Schedule of Carrying Value, Gross Unrealized Gains and Losses and Estimated Fair Value of Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM securities | $ 556,579 | $ 492,272 |
Gross Unrealized Gains | 51,137 | |
Gross Unrealized (Losses) | 0 | |
Estimated Fair Value | 607,716 | 499,501 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM securities | 546,515 | 492,272 |
Gross Unrealized Gains | 51,002 | 7,375 |
Gross Unrealized (Losses) | 0 | (146) |
Estimated Fair Value | 597,517 | $ 499,501 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Total HTM securities | 10,064 | |
Gross Unrealized Gains | 135 | |
Gross Unrealized (Losses) | 0 | |
Estimated Fair Value | $ 10,199 |
SECURITIES (Gross Unrealized Lo
SECURITIES (Gross Unrealized Losses and Fair Value of Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
More than 12 months, Fair Value | $ 0 | |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 0 | $ 43,206 |
Less than 12 months, Unrealized Losses | 0 | (146) |
More than 12 months, Fair Value | 0 | 0 |
More than 12 months, Unrealized Losses | 0 | 0 |
Total, Fair Value | 0 | 43,206 |
Total, Unrealized Losses | $ 0 | $ (146) |
SECURITIES (Gross Realized Gain
SECURITIES (Gross Realized Gains and Losses on the Sale of Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Realized gains (losses): | ||||
Gross realized gains | $ 7,104 | $ 97 | $ 9,161 | $ 2,890 |
Gross realized losses | 0 | 0 | (1,855) | (2,668) |
Net realized gains | 7,104 | 97 | 7,306 | 222 |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 98,975 | $ 27,593 | $ 486,925 | $ 337,109 |
LOANS AND ALLOWANCE FOR LOAN _3
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Stated at Face Amount, Net of Deferred Fees and Costs) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | $ 12,306,997 | $ 9,716,207 |
Loans receivable, deferred fees and costs | 8,100 | 5,100 |
Construction and Land Development | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | 1,201,149 | 1,194,821 |
Commercial Real Estate - Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | 1,979,052 | 1,337,345 |
Commercial Real Estate - Non-Owner Occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | 3,198,580 | 2,467,410 |
Multifamily Real Estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | 659,946 | 548,231 |
Commercial & Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | 2,058,133 | 1,317,135 |
Residential 1-4 Family - Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | 721,185 | 640,419 |
Residential 1-4 Family - Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | 913,245 | 673,909 |
Auto | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | 328,456 | 301,943 |
HELOC | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | 660,963 | 613,383 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | 386,848 | 379,694 |
Other Commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans held for investment, net | $ 199,440 | $ 241,917 |
LOANS AND ALLOWANCE FOR LOAN _4
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Aging of the Loan Portfolio by Segment) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days and still Accruing | $ 12,036 | $ 8,856 |
Total Loans | 12,306,997 | 9,716,207 |
Nonaccrual | 30,032 | 26,953 |
Current | 12,132,081 | 9,537,156 |
Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 89,735 | 90,221 |
Current | 79,092 | 71,213 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 26,682 | 41,434 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 16,431 | 11,587 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days and still Accruing | 171 | 180 |
Total Loans | 1,201,149 | 1,194,821 |
Nonaccrual | 7,785 | 8,018 |
Current | 1,183,393 | 1,177,204 |
Construction and Land Development | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 8,387 | 8,654 |
Current | 7,862 | 7,122 |
Construction and Land Development | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,062 | 759 |
Construction and Land Development | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 351 | 6 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days and still Accruing | 2,571 | 3,193 |
Total Loans | 1,979,052 | 1,337,345 |
Nonaccrual | 5,684 | 3,636 |
Current | 1,938,003 | 1,294,975 |
Commercial Real Estate - Owner Occupied | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 27,817 | 25,644 |
Current | 24,029 | 20,705 |
Commercial Real Estate - Owner Occupied | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 4,977 | 8,755 |
Commercial Real Estate - Owner Occupied | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 1,142 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days and still Accruing | 36 | 0 |
Total Loans | 3,198,580 | 2,467,410 |
Nonaccrual | 381 | 1,789 |
Current | 3,173,243 | 2,447,907 |
Commercial Real Estate - Non-Owner Occupied | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 17,285 | 17,335 |
Current | 16,168 | 15,464 |
Commercial Real Estate - Non-Owner Occupied | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 5,757 | 338 |
Commercial Real Estate - Non-Owner Occupied | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,878 | 41 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days and still Accruing | 1,212 | 0 |
Total Loans | 659,946 | 548,231 |
Nonaccrual | 0 | 0 |
Current | 658,370 | 547,997 |
Multifamily Real Estate | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 93 | 88 |
Current | 93 | 88 |
Multifamily Real Estate | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 107 | 0 |
Multifamily Real Estate | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 164 | 146 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days and still Accruing | 265 | 132 |
Total Loans | 2,058,133 | 1,317,135 |
Nonaccrual | 1,585 | 1,524 |
Current | 2,048,996 | 1,309,581 |
Commercial & Industrial | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 3,262 | 2,156 |
Current | 2,219 | 1,017 |
Commercial & Industrial | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,079 | 3,353 |
Commercial & Industrial | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,946 | 389 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days and still Accruing | 916 | 1,409 |
Total Loans | 721,185 | 640,419 |
Nonaccrual | 3,879 | 2,481 |
Current | 699,230 | 614,732 |
Residential 1-4 Family - Commercial | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 12,237 | 13,601 |
Current | 11,337 | 9,276 |
Residential 1-4 Family - Commercial | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,842 | 6,619 |
Residential 1-4 Family - Commercial | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3,081 | 1,577 |
Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days and still Accruing | 3,815 | 2,437 |
Total Loans | 913,245 | 673,909 |
Nonaccrual | 8,292 | 7,276 |
Current | 879,452 | 630,132 |
Residential 1-4 Family - Consumer | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 14,977 | 16,872 |
Current | 12,221 | 12,491 |
Residential 1-4 Family - Consumer | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,527 | 12,049 |
Residential 1-4 Family - Consumer | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 5,182 | 5,143 |
Auto | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days and still Accruing | 183 | 195 |
Total Loans | 328,456 | 301,943 |
Nonaccrual | 604 | 576 |
Current | 325,468 | 297,442 |
Auto | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 7 | 7 |
Current | 7 | 7 |
Auto | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,787 | 3,320 |
Auto | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 407 | 403 |
HELOC | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days and still Accruing | 1,674 | 440 |
Total Loans | 660,963 | 613,383 |
Nonaccrual | 1,641 | 1,518 |
Current | 646,661 | 600,055 |
HELOC | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 4,275 | 5,115 |
Current | 3,780 | 4,365 |
HELOC | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 4,965 | 4,611 |
HELOC | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,747 | 1,644 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days and still Accruing | 1,163 | 870 |
Total Loans | 386,848 | 379,694 |
Nonaccrual | 84 | 135 |
Current | 381,253 | 376,057 |
Consumer | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 682 | 32 |
Current | 663 | 18 |
Consumer | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,000 | 1,504 |
Consumer | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,666 | 1,096 |
Other Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days and still Accruing | 30 | 0 |
Total Loans | 199,440 | 241,917 |
Nonaccrual | 97 | 0 |
Current | 198,012 | 241,074 |
Other Commercial | Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 713 | 717 |
Current | 713 | 660 |
Other Commercial | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 579 | 126 |
Other Commercial | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 9 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _5
LOANS AND ALLOWANCE FOR LOAN LOSSES (PCI Loan Portfolios by Segment and Delinquency Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 12,132,081 | $ 9,537,156 |
Total Loans | 12,306,997 | 9,716,207 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,183,393 | 1,177,204 |
Total Loans | 1,201,149 | 1,194,821 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,938,003 | 1,294,975 |
Total Loans | 1,979,052 | 1,337,345 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,173,243 | 2,447,907 |
Total Loans | 3,198,580 | 2,467,410 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 658,370 | 547,997 |
Total Loans | 659,946 | 548,231 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,048,996 | 1,309,581 |
Total Loans | 2,058,133 | 1,317,135 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 699,230 | 614,732 |
Total Loans | 721,185 | 640,419 |
Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 879,452 | 630,132 |
Total Loans | 913,245 | 673,909 |
Auto | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 325,468 | 297,442 |
Total Loans | 328,456 | 301,943 |
HELOC | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 646,661 | 600,055 |
Total Loans | 660,963 | 613,383 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 381,253 | 376,057 |
Total Loans | 386,848 | 379,694 |
Other Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 198,012 | 241,074 |
Total Loans | 199,440 | 241,917 |
Purchased Impaired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 79,092 | 71,213 |
Total Loans | 89,735 | 90,221 |
Purchased Impaired | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 2,266 | 4,264 |
Purchased Impaired | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 8,377 | 14,744 |
Purchased Impaired | Construction and Land Development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 7,862 | 7,122 |
Total Loans | 8,387 | 8,654 |
Purchased Impaired | Construction and Land Development | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 126 | 108 |
Purchased Impaired | Construction and Land Development | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 399 | 1,424 |
Purchased Impaired | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 24,029 | 20,705 |
Total Loans | 27,817 | 25,644 |
Purchased Impaired | Commercial Real Estate - Owner Occupied | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 526 | 658 |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 3,262 | 4,281 |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 16,168 | 15,464 |
Total Loans | 17,285 | 17,335 |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 137 | 61 |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 980 | 1,810 |
Purchased Impaired | Multifamily Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 93 | 88 |
Total Loans | 93 | 88 |
Purchased Impaired | Multifamily Real Estate | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Purchased Impaired | Multifamily Real Estate | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Purchased Impaired | Commercial & Industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,219 | 1,017 |
Total Loans | 3,262 | 2,156 |
Purchased Impaired | Commercial & Industrial | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 47 | |
Purchased Impaired | Commercial & Industrial | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,043 | 1,092 |
Purchased Impaired | Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 11,337 | 9,276 |
Total Loans | 12,237 | 13,601 |
Purchased Impaired | Residential 1-4 Family - Commercial | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 421 | 871 |
Purchased Impaired | Residential 1-4 Family - Commercial | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 479 | 3,454 |
Purchased Impaired | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 12,221 | 12,491 |
Total Loans | 14,977 | 16,872 |
Purchased Impaired | Residential 1-4 Family - Consumer | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 844 | 1,959 |
Purchased Impaired | Residential 1-4 Family - Consumer | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 1,912 | 2,422 |
Purchased Impaired | Auto | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 7 | 7 |
Total Loans | 7 | 7 |
Purchased Impaired | Auto | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Purchased Impaired | Auto | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 0 |
Purchased Impaired | HELOC | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,780 | 4,365 |
Total Loans | 4,275 | 5,115 |
Purchased Impaired | HELOC | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 208 | 498 |
Purchased Impaired | HELOC | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 287 | 252 |
Purchased Impaired | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 663 | 18 |
Total Loans | 682 | 32 |
Purchased Impaired | Consumer | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 4 | 5 |
Purchased Impaired | Consumer | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 15 | 9 |
Purchased Impaired | Other Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 713 | 660 |
Total Loans | 713 | 717 |
Purchased Impaired | Other Commercial | 30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | 0 | 57 |
Purchased Impaired | Other Commercial | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _6
LOANS AND ALLOWANCE FOR LOAN LOSSES (Impaired Loans Individually Evaluated for Impairment by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Recorded Investment | |||||
Loans without a specific allowance | $ 39,209 | $ 39,209 | $ 42,991 | ||
Loans with a specific allowance | 20,855 | 20,855 | 16,237 | ||
Total impaired loans | 60,064 | 60,064 | 59,228 | ||
Unpaid Principal Balance | |||||
Loans without a specific allowance | 45,579 | 45,579 | 46,890 | ||
Loans with a specific allowance | 22,316 | 22,316 | 17,662 | ||
Total impaired loans | 67,895 | 67,895 | 64,552 | ||
Related Allowance | 2,734 | 2,734 | 2,217 | ||
Average Investment | 64,539 | $ 57,794 | 66,182 | $ 58,230 | |
Interest Income Recognized | 337 | 325 | 1,402 | 1,072 | |
Construction and Land Development | |||||
Recorded Investment | |||||
Loans without a specific allowance | 9,776 | 9,776 | 10,290 | ||
Loans with a specific allowance | 829 | 829 | 372 | ||
Unpaid Principal Balance | |||||
Loans without a specific allowance | 14,131 | 14,131 | 12,038 | ||
Loans with a specific allowance | 868 | 868 | 491 | ||
Related Allowance | 78 | 78 | 63 | ||
Average Investment | 13,581 | 12,481 | 13,601 | 12,083 | |
Interest Income Recognized | 40 | 63 | 351 | 203 | |
Commercial Real Estate - Owner Occupied | |||||
Recorded Investment | |||||
Loans without a specific allowance | 9,362 | 9,362 | 8,386 | ||
Loans with a specific allowance | 3,570 | 3,570 | 4,304 | ||
Unpaid Principal Balance | |||||
Loans without a specific allowance | 9,966 | 9,966 | 9,067 | ||
Loans with a specific allowance | 3,685 | 3,685 | 4,437 | ||
Related Allowance | 234 | 234 | 359 | ||
Average Investment | 13,301 | 11,873 | 13,436 | 11,966 | |
Interest Income Recognized | 85 | 102 | 339 | 322 | |
Commercial Real Estate - Non-Owner Occupied | |||||
Recorded Investment | |||||
Loans without a specific allowance | 2,028 | 2,028 | 6,578 | ||
Loans with a specific allowance | 336 | 336 | 391 | ||
Unpaid Principal Balance | |||||
Loans without a specific allowance | 2,578 | 2,578 | 6,929 | ||
Loans with a specific allowance | 384 | 384 | 391 | ||
Related Allowance | 3 | 3 | 1 | ||
Average Investment | 2,748 | 6,932 | 3,543 | 7,141 | |
Interest Income Recognized | 26 | 57 | 82 | 175 | |
Multifamily Real Estate | |||||
Recorded Investment | |||||
Loans without a specific allowance | 1,212 | 1,212 | 0 | ||
Unpaid Principal Balance | |||||
Loans without a specific allowance | 1,212 | 1,212 | 0 | ||
Average Investment | 1,217 | 1,234 | |||
Interest Income Recognized | 15 | 46 | |||
Commercial & Industrial | |||||
Recorded Investment | |||||
Loans without a specific allowance | 2,205 | 2,205 | 3,059 | ||
Loans with a specific allowance | 1,783 | 1,783 | 1,183 | ||
Unpaid Principal Balance | |||||
Loans without a specific allowance | 2,221 | 2,221 | 3,251 | ||
Loans with a specific allowance | 1,810 | 1,810 | 1,442 | ||
Related Allowance | 866 | 866 | 752 | ||
Average Investment | 3,986 | 2,607 | 4,046 | 2,713 | |
Interest Income Recognized | 41 | 15 | 129 | 57 | |
Residential 1-4 Family - Commercial | |||||
Recorded Investment | |||||
Loans without a specific allowance | 4,330 | 4,330 | 3,378 | ||
Loans with a specific allowance | 1,763 | 1,763 | 2,120 | ||
Unpaid Principal Balance | |||||
Loans without a specific allowance | 4,598 | 4,598 | 3,439 | ||
Loans with a specific allowance | 1,807 | 1,807 | 2,152 | ||
Related Allowance | 170 | 170 | 89 | ||
Average Investment | 6,334 | 4,233 | 6,521 | 4,322 | |
Interest Income Recognized | 41 | 29 | 125 | 105 | |
Residential 1-4 Family - Consumer | |||||
Recorded Investment | |||||
Loans without a specific allowance | 9,432 | 9,432 | 9,642 | ||
Loans with a specific allowance | 10,047 | 10,047 | 6,389 | ||
Unpaid Principal Balance | |||||
Loans without a specific allowance | 10,006 | 10,006 | 10,317 | ||
Loans with a specific allowance | 10,631 | 10,631 | 6,645 | ||
Related Allowance | 805 | 805 | 470 | ||
Average Investment | 19,802 | 16,570 | 20,007 | 16,693 | |
Interest Income Recognized | 75 | 48 | 264 | 162 | |
Auto | |||||
Recorded Investment | |||||
Loans with a specific allowance | 605 | 605 | 576 | ||
Unpaid Principal Balance | |||||
Loans with a specific allowance | 905 | 905 | 830 | ||
Related Allowance | 239 | 239 | 231 | ||
Average Investment | 691 | 609 | 781 | 685 | |
Interest Income Recognized | 0 | 9 | 12 | ||
HELOC | |||||
Recorded Investment | |||||
Loans without a specific allowance | 864 | 864 | 1,150 | ||
Loans with a specific allowance | 1,177 | 1,177 | 724 | ||
Unpaid Principal Balance | |||||
Loans without a specific allowance | 867 | 867 | 1,269 | ||
Loans with a specific allowance | 1,312 | 1,312 | 807 | ||
Related Allowance | 262 | 262 | 188 | ||
Average Investment | 2,125 | 1,800 | 2,242 | 1,871 | |
Interest Income Recognized | 5 | 4 | 31 | 14 | |
Consumer | |||||
Recorded Investment | |||||
Loans without a specific allowance | 0 | 0 | 30 | ||
Loans with a specific allowance | 180 | 180 | 178 | ||
Unpaid Principal Balance | |||||
Loans without a specific allowance | 0 | 0 | 102 | ||
Loans with a specific allowance | 345 | 345 | 467 | ||
Related Allowance | 50 | 50 | 64 | ||
Average Investment | 184 | 180 | 192 | 218 | |
Interest Income Recognized | 2 | 5 | |||
Other Commercial | |||||
Recorded Investment | |||||
Loans without a specific allowance | 0 | 0 | 478 | ||
Loans with a specific allowance | 565 | 565 | 0 | ||
Unpaid Principal Balance | |||||
Loans without a specific allowance | 0 | 0 | 478 | ||
Loans with a specific allowance | 569 | 569 | $ 0 | ||
Related Allowance | 27 | 27 | |||
Average Investment | 570 | 509 | 579 | 538 | |
Interest Income Recognized | $ 7 | $ 7 | $ 21 | $ 22 |
LOANS AND ALLOWANCE FOR LOAN _7
LOANS AND ALLOWANCE FOR LOAN LOSSES (Summary of Modified Loans that Continue to Accrue Interest Under the Terms of Restructuring Agreement) (Details) $ in Thousands | Sep. 30, 2019USD ($)loan | Dec. 31, 2018USD ($)loan |
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 115 | 114 |
Recorded Investment | $ 18,738 | $ 26,598 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 92 | 85 |
Recorded Investment | $ 15,156 | $ 19,201 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Construction and Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 4 | 5 |
Recorded Investment | $ 1,130 | $ 2,496 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 6 | 8 |
Recorded Investment | $ 2,228 | $ 2,783 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 4 |
Recorded Investment | $ 1,089 | $ 4,438 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 5 | 4 |
Recorded Investment | $ 1,123 | $ 978 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 5 | 8 |
Recorded Investment | $ 293 | $ 1,075 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Residential 1-4 Family - Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 64 | 52 |
Recorded Investment | $ 8,738 | $ 6,882 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | HELOC | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 2 |
Recorded Investment | $ 56 | $ 58 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 4 | 1 |
Recorded Investment | $ 31 | $ 13 |
Outstanding Commitment | $ 0 | $ 0 |
Performing | Other Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 1 |
Recorded Investment | $ 468 | $ 478 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 23 | 29 |
Recorded Investment | $ 3,582 | $ 7,397 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Construction and Land Development | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 2 |
Recorded Investment | $ 0 | $ 3,474 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 2 |
Recorded Investment | $ 180 | $ 198 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Commercial & Industrial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 1 | 6 |
Recorded Investment | $ 56 | $ 461 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Residential 1-4 Family - Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 1 |
Recorded Investment | $ 0 | $ 60 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Residential 1-4 Family - Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 18 | 15 |
Recorded Investment | $ 3,288 | $ 3,135 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | HELOC | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 2 | 2 |
Recorded Investment | $ 58 | $ 62 |
Outstanding Commitment | $ 0 | $ 0 |
Nonperforming | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
No. of Loans | loan | 0 | 1 |
Recorded Investment | $ 0 | $ 7 |
Outstanding Commitment | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN _8
LOANS AND ALLOWANCE FOR LOAN LOSSES (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Modifications [Line Items] | ||
Period for restructured loan to be considered default | 90 days | |
Total loans held for investment, net | $ 12,306,997 | $ 9,716,207 |
Acquired Performing Loan Portfolio | ||
Financing Receivable, Modifications [Line Items] | ||
Total loans held for investment, net | 3,300,000 | 2,000,000 |
Remaining discount on acquired loans | 54,100 | 30,300 |
Purchased Impaired | ||
Financing Receivable, Modifications [Line Items] | ||
Total loans held for investment, net | 89,735 | 90,221 |
Purchased impaired loans (gross) | $ 113,800 | $ 113,500 |
LOANS AND ALLOWANCE FOR LOAN _9
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of TDR by Class and Modification Type) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 11 | 18 | 29 | 40 |
Recorded Investment at Period End | $ | $ 1,902 | $ 9,352 | $ 3,616 | $ 13,892 |
Modified to interest only, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 0 | 0 | 0 |
Recorded Investment at Period End | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 4 | 6 | 9 | 21 |
Recorded Investment at Period End | $ | $ 855 | $ 4,926 | $ 1,236 | $ 8,452 |
Term modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 7 | 12 | 20 | 19 |
Recorded Investment at Period End | $ | $ 1,047 | $ 4,426 | $ 2,380 | $ 5,440 |
Construction and Land Development | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 2 | 2 | ||
Recorded Investment at Period End | $ | $ 164 | $ 164 | ||
Construction and Land Development | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 2 | 4 | ||
Recorded Investment at Period End | $ | $ 3,545 | $ 4,809 | ||
Commercial Real Estate - Owner Occupied | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 5 | ||
Recorded Investment at Period End | $ | $ 0 | $ 1,371 | ||
Commercial Real Estate - Non-Owner Occupied | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 1 | 1 | ||
Recorded Investment at Period End | $ | $ 1,089 | $ 1,089 | ||
Commercial Real Estate - Non-Owner Occupied | Term modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 1 | 1 | ||
Recorded Investment at Period End | $ | $ 2,782 | $ 2,782 | ||
Commercial & Industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 1 | 1 | ||
Recorded Investment at Period End | $ | $ 376 | $ 376 | ||
Commercial & Industrial | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 2 | 3 | ||
Recorded Investment at Period End | $ | $ 278 | $ 339 | ||
Residential 1-4 Family - Commercial | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 0 | 1 | 1 |
Recorded Investment at Period End | $ | $ 0 | $ 0 | $ 73 | $ 71 |
Residential 1-4 Family - Consumer | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 1 | 0 | 4 | 6 |
Recorded Investment at Period End | $ | $ 461 | $ 0 | $ 761 | $ 759 |
Residential 1-4 Family - Consumer | Term modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 5 | 9 | 17 | 16 |
Recorded Investment at Period End | $ | $ 883 | $ 1,598 | $ 2,211 | $ 2,612 |
Consumer | Term modification, at a market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 2 | 1 | 3 | 1 |
Recorded Investment at Period End | $ | $ 18 | $ 14 | $ 26 | $ 14 |
Consumer | Term modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 0 | 1 | ||
Recorded Investment at Period End | $ | $ 0 | $ 5 | ||
HELOC | Term modification, below market rate | ||||
Financing Receivable, Modifications [Line Items] | ||||
No. of Loans | loan | 2 | 2 | ||
Recorded Investment at Period End | $ | $ 46 | $ 46 |
LOANS AND ALLOWANCE FOR LOAN_10
LOANS AND ALLOWANCE FOR LOAN LOSSES (Allowance for Loan Loss Activity, by Portfolio Segment, Balances for Allowance for Credit Losses, and Loans Based on Impairment Methodology) (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | |
Allowance for loan losses | ||||
Balance, beginning of the year | $ 41,045 | $ 38,208 | ||
Recoveries credited to allowance | 4,940 | 4,082 | ||
Loans charged off | (21,190) | (10,099) | ||
Provision charged to operations | 19,025 | 9,103 | ||
Balance, end of period | 43,820 | 41,294 | ||
Total Loans | ||||
Loans individually evaluated for impairment | $ 60,064 | $ 59,228 | ||
ALL individually evaluated for impairment | 2,734 | 2,217 | ||
Loans collectively evaluated for impairment | 12,157,198 | 9,566,758 | ||
ALL collectively evaluated for impairment | 40,869 | 38,828 | ||
Total Loans | 12,306,997 | 9,716,207 | ||
Total ALL | 41,045 | 38,208 | 43,820 | 41,045 |
Purchased Impaired | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 0 | |||
Balance, end of period | 217 | |||
Total Loans | ||||
Total Loans | 89,735 | 90,221 | ||
Total ALL | 217 | 217 | 0 | |
Construction and Land Development | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 6,803 | 9,709 | ||
Recoveries credited to allowance | 269 | 400 | ||
Loans charged off | (4,028) | (703) | ||
Provision charged to operations | 2,863 | (1,218) | ||
Balance, end of period | 5,907 | 8,188 | ||
Total Loans | ||||
Loans individually evaluated for impairment | 10,605 | 10,662 | ||
ALL individually evaluated for impairment | 78 | 63 | ||
Loans collectively evaluated for impairment | 1,182,157 | 1,175,505 | ||
ALL collectively evaluated for impairment | 5,829 | 6,740 | ||
Total Loans | 1,201,149 | 1,194,821 | ||
Total ALL | 6,803 | 9,709 | 5,907 | 6,803 |
Construction and Land Development | Purchased Impaired | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 0 | |||
Balance, end of period | 0 | |||
Total Loans | ||||
Total Loans | 8,387 | 8,654 | ||
Total ALL | 0 | 0 | 0 | |
Commercial Real Estate - Owner Occupied | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 4,023 | 2,931 | ||
Recoveries credited to allowance | 118 | 488 | ||
Loans charged off | (483) | (174) | ||
Provision charged to operations | 361 | (300) | ||
Balance, end of period | 4,019 | 2,945 | ||
Total Loans | ||||
Loans individually evaluated for impairment | 12,932 | 12,690 | ||
ALL individually evaluated for impairment | 234 | 359 | ||
Loans collectively evaluated for impairment | 1,938,303 | 1,299,011 | ||
ALL collectively evaluated for impairment | 3,785 | 3,664 | ||
Total Loans | 1,979,052 | 1,337,345 | ||
Total ALL | 4,023 | 2,931 | 4,019 | 4,023 |
Commercial Real Estate - Owner Occupied | Purchased Impaired | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 0 | |||
Balance, end of period | 0 | |||
Total Loans | ||||
Total Loans | 27,817 | 25,644 | ||
Total ALL | 0 | 0 | 0 | |
Commercial Real Estate - Non-Owner Occupied | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 8,865 | 7,544 | ||
Recoveries credited to allowance | 95 | 82 | ||
Loans charged off | (270) | (94) | ||
Provision charged to operations | 996 | 806 | ||
Balance, end of period | 9,686 | 8,338 | ||
Total Loans | ||||
Loans individually evaluated for impairment | 2,364 | 6,969 | ||
ALL individually evaluated for impairment | 3 | 1 | ||
Loans collectively evaluated for impairment | 3,178,931 | 2,443,106 | ||
ALL collectively evaluated for impairment | 9,683 | 8,864 | ||
Total Loans | 3,198,580 | 2,467,410 | ||
Total ALL | 8,865 | 7,544 | 9,686 | 8,865 |
Commercial Real Estate - Non-Owner Occupied | Purchased Impaired | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 0 | |||
Balance, end of period | 0 | |||
Total Loans | ||||
Total Loans | 17,285 | 17,335 | ||
Total ALL | 0 | 0 | 0 | |
Multifamily Real Estate | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 649 | 1,092 | ||
Recoveries credited to allowance | 85 | 5 | ||
Loans charged off | 0 | 0 | ||
Provision charged to operations | 46 | 525 | ||
Balance, end of period | 780 | 1,622 | ||
Total Loans | ||||
Loans individually evaluated for impairment | 1,212 | 0 | ||
ALL individually evaluated for impairment | 0 | 0 | ||
Loans collectively evaluated for impairment | 658,641 | 548,143 | ||
ALL collectively evaluated for impairment | 780 | 649 | ||
Total Loans | 659,946 | 548,231 | ||
Total ALL | 649 | 1,092 | 780 | 649 |
Multifamily Real Estate | Purchased Impaired | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 0 | |||
Balance, end of period | 0 | |||
Total Loans | ||||
Total Loans | 93 | 88 | ||
Total ALL | 0 | 0 | 0 | |
Commercial & Industrial | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 7,636 | 4,552 | ||
Recoveries credited to allowance | 936 | 413 | ||
Loans charged off | (2,162) | (692) | ||
Provision charged to operations | 2,739 | 2,429 | ||
Balance, end of period | 9,149 | 6,702 | ||
Total Loans | ||||
Loans individually evaluated for impairment | 3,988 | 4,242 | ||
ALL individually evaluated for impairment | 866 | 752 | ||
Loans collectively evaluated for impairment | 2,050,883 | 1,310,737 | ||
ALL collectively evaluated for impairment | 8,066 | 6,884 | ||
Total Loans | 2,058,133 | 1,317,135 | ||
Total ALL | 7,636 | 4,552 | 9,149 | 7,636 |
Commercial & Industrial | Purchased Impaired | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 0 | |||
Balance, end of period | 217 | |||
Total Loans | ||||
Total Loans | 3,262 | 2,156 | ||
Total ALL | 217 | 217 | 0 | |
Residential 1-4 Family - Commercial | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 1,692 | 4,437 | ||
Recoveries credited to allowance | 244 | 306 | ||
Loans charged off | (397) | (137) | ||
Provision charged to operations | 50 | (2,512) | ||
Balance, end of period | 1,589 | 2,094 | ||
Total Loans | ||||
Loans individually evaluated for impairment | 6,093 | 5,498 | ||
ALL individually evaluated for impairment | 170 | 89 | ||
Loans collectively evaluated for impairment | 702,855 | 621,320 | ||
ALL collectively evaluated for impairment | 1,419 | 1,603 | ||
Total Loans | 721,185 | 640,419 | ||
Total ALL | 1,692 | 4,437 | 1,589 | 1,692 |
Residential 1-4 Family - Commercial | Purchased Impaired | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 0 | |||
Balance, end of period | 0 | |||
Total Loans | ||||
Total Loans | 12,237 | 13,601 | ||
Total ALL | 0 | 0 | 0 | |
Residential 1-4 Family - Consumer | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 1,492 | 1,524 | ||
Recoveries credited to allowance | 256 | 235 | ||
Loans charged off | (108) | (640) | ||
Provision charged to operations | 158 | 770 | ||
Balance, end of period | 1,798 | 1,889 | ||
Total Loans | ||||
Loans individually evaluated for impairment | 19,479 | 16,031 | ||
ALL individually evaluated for impairment | 805 | 470 | ||
Loans collectively evaluated for impairment | 878,789 | 641,006 | ||
ALL collectively evaluated for impairment | 993 | 1,022 | ||
Total Loans | 913,245 | 673,909 | ||
Total ALL | 1,492 | 1,524 | 1,798 | 1,492 |
Residential 1-4 Family - Consumer | Purchased Impaired | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 0 | |||
Balance, end of period | 0 | |||
Total Loans | ||||
Total Loans | 14,977 | 16,872 | ||
Total ALL | 0 | 0 | 0 | |
Auto | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 1,443 | 975 | ||
Recoveries credited to allowance | 452 | 365 | ||
Loans charged off | (957) | (759) | ||
Provision charged to operations | 614 | 760 | ||
Balance, end of period | 1,552 | 1,341 | ||
Total Loans | ||||
Loans individually evaluated for impairment | 605 | 576 | ||
ALL individually evaluated for impairment | 239 | 231 | ||
Loans collectively evaluated for impairment | 327,844 | 301,360 | ||
ALL collectively evaluated for impairment | 1,313 | 1,212 | ||
Total Loans | 328,456 | 301,943 | ||
Total ALL | 1,443 | 975 | 1,552 | 1,443 |
Auto | Purchased Impaired | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 0 | |||
Balance, end of period | 0 | |||
Total Loans | ||||
Total Loans | 7 | 7 | ||
Total ALL | 0 | 0 | 0 | |
HELOC | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 1,297 | 1,360 | ||
Recoveries credited to allowance | 589 | 554 | ||
Loans charged off | (570) | (488) | ||
Provision charged to operations | (179) | (70) | ||
Balance, end of period | 1,137 | 1,356 | ||
Total Loans | ||||
Loans individually evaluated for impairment | 2,041 | 1,874 | ||
ALL individually evaluated for impairment | 262 | 188 | ||
Loans collectively evaluated for impairment | 654,647 | 606,394 | ||
ALL collectively evaluated for impairment | 875 | 1,109 | ||
Total Loans | 660,963 | 613,383 | ||
Total ALL | 1,297 | 1,360 | 1,137 | 1,297 |
HELOC | Purchased Impaired | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 0 | |||
Balance, end of period | 0 | |||
Total Loans | ||||
Total Loans | 4,275 | 5,115 | ||
Total ALL | 0 | 0 | 0 | |
Consumer and all other | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 7,145 | 4,084 | ||
Recoveries credited to allowance | 1,896 | 1,234 | ||
Loans charged off | (12,215) | (6,412) | ||
Provision charged to operations | 11,377 | 7,913 | ||
Balance, end of period | 8,203 | 6,819 | ||
Total Loans | ||||
Loans individually evaluated for impairment | 745 | 686 | ||
ALL individually evaluated for impairment | 77 | 64 | ||
Loans collectively evaluated for impairment | 584,148 | 620,176 | ||
ALL collectively evaluated for impairment | 8,126 | 7,081 | ||
Total Loans | 586,288 | 621,611 | ||
Total ALL | 7,145 | $ 4,084 | 8,203 | 7,145 |
Consumer and all other | Purchased Impaired | ||||
Allowance for loan losses | ||||
Balance, beginning of the year | 0 | |||
Balance, end of period | 0 | |||
Total Loans | ||||
Total Loans | 1,395 | 749 | ||
Total ALL | $ 0 | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN_11
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Receivables Related Risk Rating Excluding Purchased Impaired Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 12,306,997 | $ 9,716,207 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,201,149 | 1,194,821 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,979,052 | 1,337,345 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,198,580 | 2,467,410 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 659,946 | 548,231 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,058,133 | 1,317,135 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 721,185 | 640,419 |
Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 913,245 | 673,909 |
Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 328,456 | 301,943 |
HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 660,963 | 613,383 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 386,848 | 379,694 |
Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 199,440 | 241,917 |
Excluding Purchased Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 12,217,262 | 9,625,986 |
Excluding Purchased Impaired | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 11,818,482 | 9,344,002 |
Excluding Purchased Impaired | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 318,370 | 201,174 |
Excluding Purchased Impaired | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 80,169 | 80,810 |
Excluding Purchased Impaired | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 241 | 0 |
Excluding Purchased Impaired | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,192,762 | 1,186,167 |
Excluding Purchased Impaired | Construction and Land Development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,148,732 | 1,130,577 |
Excluding Purchased Impaired | Construction and Land Development | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 33,136 | 43,894 |
Excluding Purchased Impaired | Construction and Land Development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 10,894 | 11,696 |
Excluding Purchased Impaired | Construction and Land Development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,951,235 | 1,311,701 |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,850,909 | 1,231,422 |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 78,451 | 50,939 |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 21,730 | 29,340 |
Excluding Purchased Impaired | Commercial Real Estate - Owner Occupied | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 145 | 0 |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,181,295 | 2,450,075 |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,124,018 | 2,425,500 |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 54,884 | 17,648 |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,297 | 6,927 |
Excluding Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 96 | 0 |
Excluding Purchased Impaired | Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 659,853 | 548,143 |
Excluding Purchased Impaired | Multifamily Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 645,193 | 537,572 |
Excluding Purchased Impaired | Multifamily Real Estate | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 13,448 | 10,571 |
Excluding Purchased Impaired | Multifamily Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,212 | 0 |
Excluding Purchased Impaired | Multifamily Real Estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,054,871 | 1,314,979 |
Excluding Purchased Impaired | Commercial & Industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,949,546 | 1,273,549 |
Excluding Purchased Impaired | Commercial & Industrial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 99,337 | 34,864 |
Excluding Purchased Impaired | Commercial & Industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,988 | 6,566 |
Excluding Purchased Impaired | Commercial & Industrial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 708,948 | 626,818 |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 679,023 | 606,955 |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 22,772 | 14,876 |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 7,153 | 4,987 |
Excluding Purchased Impaired | Residential 1-4 Family - Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 898,268 | 657,037 |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 871,391 | 624,346 |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,584 | 17,065 |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 22,293 | 15,626 |
Excluding Purchased Impaired | Residential 1-4 Family - Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 328,449 | 301,936 |
Excluding Purchased Impaired | Auto | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 324,396 | 296,907 |
Excluding Purchased Impaired | Auto | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,990 | 3,590 |
Excluding Purchased Impaired | Auto | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,063 | 1,439 |
Excluding Purchased Impaired | Auto | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 656,688 | 608,268 |
Excluding Purchased Impaired | HELOC | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 644,019 | 598,444 |
Excluding Purchased Impaired | HELOC | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,529 | 6,316 |
Excluding Purchased Impaired | HELOC | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 6,140 | 3,508 |
Excluding Purchased Impaired | HELOC | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 386,166 | 379,662 |
Excluding Purchased Impaired | Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 384,744 | 378,873 |
Excluding Purchased Impaired | Consumer | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 1,182 | 547 |
Excluding Purchased Impaired | Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 240 | 242 |
Excluding Purchased Impaired | Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 0 | 0 |
Excluding Purchased Impaired | Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 198,727 | 241,200 |
Excluding Purchased Impaired | Other Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 196,511 | 239,857 |
Excluding Purchased Impaired | Other Commercial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 2,057 | 864 |
Excluding Purchased Impaired | Other Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 159 | 479 |
Excluding Purchased Impaired | Other Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN_12
LOANS AND ALLOWANCE FOR LOAN LOSSES (Loans Receivables Related Risk Rating Including Purchased Impaired Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | $ 12,306,997 | $ 9,716,207 |
Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 1,201,149 | 1,194,821 |
Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 1,979,052 | 1,337,345 |
Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 3,198,580 | 2,467,410 |
Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 659,946 | 548,231 |
Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 2,058,133 | 1,317,135 |
Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 721,185 | 640,419 |
Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 913,245 | 673,909 |
Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 328,456 | 301,943 |
HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 660,963 | 613,383 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 386,848 | 379,694 |
Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 199,440 | 241,917 |
Purchased Impaired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 89,735 | 90,221 |
Purchased Impaired | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 33,917 | 35,658 |
Purchased Impaired | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 28,736 | 21,699 |
Purchased Impaired | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 27,082 | 32,864 |
Purchased Impaired | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Construction and Land Development | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 8,387 | 8,654 |
Purchased Impaired | Construction and Land Development | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 1,233 | 1,835 |
Purchased Impaired | Construction and Land Development | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 3,993 | 1,308 |
Purchased Impaired | Construction and Land Development | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 3,161 | 5,511 |
Purchased Impaired | Construction and Land Development | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Commercial Real Estate - Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 27,817 | 25,644 |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 8,273 | 8,347 |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 10,845 | 6,685 |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 8,699 | 10,612 |
Purchased Impaired | Commercial Real Estate - Owner Occupied | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 17,285 | 17,335 |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 3,855 | 4,789 |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 9,533 | 7,992 |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 3,897 | 4,554 |
Purchased Impaired | Commercial Real Estate - Non-Owner Occupied | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Multifamily Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 93 | 88 |
Purchased Impaired | Multifamily Real Estate | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Multifamily Real Estate | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 93 | 88 |
Purchased Impaired | Multifamily Real Estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Multifamily Real Estate | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Commercial & Industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 3,262 | 2,156 |
Purchased Impaired | Commercial & Industrial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 115 | 762 |
Purchased Impaired | Commercial & Industrial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 57 | 134 |
Purchased Impaired | Commercial & Industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 3,090 | 1,260 |
Purchased Impaired | Commercial & Industrial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Residential 1-4 Family - Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 12,237 | 13,601 |
Purchased Impaired | Residential 1-4 Family - Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 6,490 | 6,476 |
Purchased Impaired | Residential 1-4 Family - Commercial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 2,780 | 2,771 |
Purchased Impaired | Residential 1-4 Family - Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 2,967 | 4,354 |
Purchased Impaired | Residential 1-4 Family - Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Residential 1-4 Family - Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 14,977 | 16,872 |
Purchased Impaired | Residential 1-4 Family - Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 10,074 | 9,930 |
Purchased Impaired | Residential 1-4 Family - Consumer | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 233 | 1,030 |
Purchased Impaired | Residential 1-4 Family - Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 4,670 | 5,912 |
Purchased Impaired | Residential 1-4 Family - Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 7 | 7 |
Purchased Impaired | Auto | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 3 | 7 |
Purchased Impaired | Auto | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Auto | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 4 | 0 |
Purchased Impaired | Auto | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | HELOC | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 4,275 | 5,115 |
Purchased Impaired | HELOC | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 3,092 | 3,438 |
Purchased Impaired | HELOC | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 607 | 1,031 |
Purchased Impaired | HELOC | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 576 | 646 |
Purchased Impaired | HELOC | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 682 | 32 |
Purchased Impaired | Consumer | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 660 | 17 |
Purchased Impaired | Consumer | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 4 | 0 |
Purchased Impaired | Consumer | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 18 | 15 |
Purchased Impaired | Consumer | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Other Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 713 | 717 |
Purchased Impaired | Other Commercial | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 122 | 57 |
Purchased Impaired | Other Commercial | Watch & Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 591 | 660 |
Purchased Impaired | Other Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | 0 | 0 |
Purchased Impaired | Other Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for investment, net of deferred fees and costs | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR LOAN_13
LOANS AND ALLOWANCE FOR LOAN LOSSES (Schedule of Acquired Loan Portfolio and Accretable Yield) (Details) - Purchased Impaired - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Accretable Yield | ||
Balance at beginning of period | $ 31,201 | $ 14,563 |
Additions | 2,432 | 12,225 |
Accretion | (9,830) | (6,666) |
Reclassification of nonaccretable difference due to improvement in expected cash flows | 1,372 | 360 |
Measurement period adjustment | 2,629 | 2,981 |
Other, net | 5,083 | 1,845 |
Balance at end of period | $ 32,887 | $ 25,308 |
INTANGIBLE ASSETS (Narrative) (
INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Thousands | Feb. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill, written off related to sale of business unit | $ 864 | ||||
Intangible assets, amortization expense | $ 4,764 | 3,490 | $ 13,919 | $ 9,885 | |
Minimum | Access National Bank | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 5 years | ||||
Maximum | Access National Bank | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 10 years | ||||
Core Deposits and Other Intangible Assets | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization expense | $ 4,800 | $ 3,500 | $ 13,900 | $ 9,900 | |
Core Deposits and Other Intangible Assets | Minimum | Access National Bank | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 5 years | ||||
Core Deposits and Other Intangible Assets | Maximum | Access National Bank | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 10 years | ||||
Other amortizable intangibles | Minimum | Access National Bank | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 5 years | ||||
Other amortizable intangibles | Maximum | Access National Bank | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets, amortization period (years) | 10 years |
INTANGIBLE ASSETS (Estimated Re
INTANGIBLE ASSETS (Estimated Remaining Amortization Expense of Intangibles) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Estimated Remaining Amortization of Intangibles | |
For the remaining three months of 2019 | $ 4,573 |
2020 | 16,483 |
2021 | 13,874 |
2022 | 11,490 |
2023 | 9,687 |
Thereafter | 22,134 |
Total estimated amortization expense | $ 78,241 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019USD ($)lease | Sep. 30, 2019USD ($)leaseTransaction | Jan. 01, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating lease, number of leases | lease | 160 | 160 | |
Lessee, operating lease, remaining lease term (years) | 30 years | ||
Operating lease, liability | $ 68,808 | $ 68,808 | |
Operating lease, expense | 2,900 | 8,900 | |
Lessee, operating lease, lease not yet commenced, amount | 0 | $ 0 | |
Sale leaseback transaction, number of transactions (transaction) | Transaction | 0 | ||
Accounting Standards Update 2016-02 | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, right-of-use asset | 57,000 | $ 57,000 | $ 48,900 |
Operating lease, liability | $ 68,800 | $ 68,800 | $ 53,200 |
LEASES - Maturity of Operating
LEASES - Maturity of Operating Leases Under Topic 842 (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
For the remaining three months of 2019 | $ 3,335 |
2020 | 12,392 |
2021 | 10,713 |
2022 | 9,934 |
2023 | 9,022 |
2024 | 7,741 |
Thereafter | 19,588 |
Total future lease payments | 72,725 |
Less: Interest | 3,917 |
Present value of lease liabilities | $ 68,808 |
LEASES - Other Lease Informatio
LEASES - Other Lease Information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating lease, weighted average remaining lease term (years) | 8 years 6 months 21 days |
Operating lease, weighted average discount rate, percent | 2.78% |
Operating Cash Flows from Operating Leases | $ 10,327 |
Right-of-use assets obtained in exchange for lease obligations, operating lease | $ 5,979 |
BORROWINGS (Short-Term Borrowin
BORROWINGS (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Securities sold under agreements to repurchase | $ 67,260 | $ 39,197 |
Federal Funds Purchased | 0 | 0 |
FHLB | 344,600 | 1,043,600 |
Other short-term borrowings | 0 | 5,000 |
Total short-term borrowings | 411,860 | 1,087,797 |
Maximum month-end outstanding balance | 509,949 | 1,087,797 |
Average outstanding balance during the period | $ 804,644 | $ 968,014 |
Average interest rate (during the period) | 2.38% | 1.91% |
Average interest rate at end of period | 1.97% | 2.43% |
BORROWINGS (Narrative) (Details
BORROWINGS (Narrative) (Details) - USD ($) $ in Thousands | Aug. 29, 2019 | Feb. 01, 2019 | Aug. 23, 2012 | Sep. 30, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2016 |
Subordinated Borrowing [Line Items] | |||||||
Remaining available balance for the federal funds lines | $ 647,000 | $ 382,000 | |||||
Remaining available balance of alternate line of credit | 25,000 | 25,000 | |||||
Maximum collateral dependent line of credit with the FHLB | 5,100,000 | 4,000,000 | |||||
Subordinated debt | 158,500 | $ 150,000 | |||||
Prepayment penalty | $ 19,600 | ||||||
Unamortized prepayment penalty | $ 7,400 | ||||||
Trust Preferred Capital Notes | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust preferred capital notes principal balance | 150,500 | ||||||
Remaining fair value discount on acquired notes | 15,100 | ||||||
Subordinated Debt | |||||||
Subordinated Borrowing [Line Items] | |||||||
Remaining fair value discount on acquired notes | $ 1,400 | $ 1,600 | |||||
Fixed interest rate on debt instrument | 5.00% | ||||||
Maturity Date | Dec. 15, 2026 | ||||||
Subordinated Debt | LIBOR | |||||||
Subordinated Borrowing [Line Items] | |||||||
Spread on LIBOR | 3.175% | ||||||
Acquisitions, Prior To 2006 | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust preferred capital notes principal balance | $ 58,500 | ||||||
Stellarone and Xenith | Trust Preferred Capital Notes | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust preferred capital notes principal balance | 87,000 | ||||||
Access National Bank | |||||||
Subordinated Borrowing [Line Items] | |||||||
Trust preferred capital notes principal balance | $ 5,000 | ||||||
Xenith | |||||||
Subordinated Borrowing [Line Items] | |||||||
Subordinated debt | $ 8,500 | ||||||
Xenith | Subordinated Debt | |||||||
Subordinated Borrowing [Line Items] | |||||||
Remaining fair value discount on acquired notes | $ 77 | $ 259 | |||||
Fixed interest rate on debt instrument | 6.75% |
BORROWINGS (Trust Preferred Cap
BORROWINGS (Trust Preferred Capital Notes Qualify for Tier 1 Capital) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Investment | $ 408,162 | $ 250,210 |
Trust Preferred Capital Notes | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | 150,500 | |
Investment | 4,659 | |
Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | 22,500 | |
Investment | $ 696 | |
Rate | 4.84% | |
Maturity | Jun. 17, 2034 | |
Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 2.75% | |
Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 36,000 | |
Investment | $ 1,114 | |
Rate | 3.49% | |
Maturity | Jun. 15, 2036 | |
Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 1.40% | |
VFG Limited Liability Trust I Indenture | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 20,000 | |
Investment | $ 619 | |
Rate | 4.82% | |
Maturity | Mar. 18, 2034 | |
VFG Limited Liability Trust I Indenture | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 2.73% | |
FNB Statutory Trust II Indenture | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 12,000 | |
Investment | $ 372 | |
Rate | 5.19% | |
Maturity | Jun. 26, 2033 | |
FNB Statutory Trust II Indenture | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 3.10% | |
Gateway Capital Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 8,000 | |
Investment | $ 248 | |
Rate | 5.19% | |
Maturity | Sep. 17, 2033 | |
Gateway Capital Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 3.10% | |
Gateway Capital Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 7,000 | |
Investment | $ 217 | |
Rate | 4.74% | |
Maturity | Jun. 17, 2034 | |
Gateway Capital Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 2.65% | |
Gateway Capital Statutory Trust III | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 15,000 | |
Investment | $ 464 | |
Rate | 3.59% | |
Maturity | May 30, 2036 | |
Gateway Capital Statutory Trust III | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 1.50% | |
Gateway Capital Statutory Trust IV | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 25,000 | |
Investment | $ 774 | |
Rate | 3.64% | |
Maturity | Jul. 30, 2037 | |
Gateway Capital Statutory Trust IV | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 1.55% | |
MFC Capital Trust II | ||
Debt Instrument [Line Items] | ||
Trust preferred capital notes principal balance | $ 5,000 | |
Investment | $ 155 | |
Rate | 4.94% | |
Maturity | Jan. 23, 2034 | |
MFC Capital Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Spread to 3-Month LIBOR | 2.85% |
BORROWINGS (Advances from the F
BORROWINGS (Advances from the FHLB) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Federal Home Loan Bank, Advances [Line Items] | ||
Advance Amount | $ 840,000 | $ 385,000 |
Adjustable Rate Credit One | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 1.34% | 3.25% |
Maturity Date | Aug. 17, 2029 | Aug. 23, 2022 |
Advance Amount | $ 50,000 | $ 55,000 |
Adjustable Rate Credit One | LIBOR | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Spread to 3-Month LIBOR | (0.75%) | 0.44% |
Adjustable Rate Credit Two | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 1.59% | 3.26% |
Maturity Date | May 15, 2024 | Nov. 23, 2022 |
Advance Amount | $ 200,000 | $ 65,000 |
Adjustable Rate Credit Two | LIBOR | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Spread to 3-Month LIBOR | (0.50%) | 0.45% |
Adjustable Rate Credit Three | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 1.34% | 3.26% |
Maturity Date | May 22, 2029 | Nov. 23, 2022 |
Advance Amount | $ 150,000 | $ 10,000 |
Adjustable Rate Credit Three | LIBOR | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Spread to 3-Month LIBOR | (0.75%) | 0.45% |
Adjustable Rate Credit Four | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 1.34% | 3.26% |
Maturity Date | May 30, 2029 | Nov. 23, 2022 |
Advance Amount | $ 50,000 | $ 10,000 |
Adjustable Rate Credit Four | LIBOR | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Spread to 3-Month LIBOR | (0.75%) | 0.45% |
Convertible Flipper One | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 1.34% | |
Maturity Date | Jun. 21, 2029 | |
Advance Amount | $ 100,000 | |
Convertible Flipper One | LIBOR | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Spread to 3-Month LIBOR | (0.75%) | |
Convertible Flipper Two | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 1.78% | |
Maturity Date | Oct. 26, 2028 | |
Advance Amount | $ 200,000 | |
Convertible Flipper Three | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 2.37% | |
Maturity Date | Oct. 10, 2019 | |
Advance Amount | $ 25,000 | |
Convertible Flipper Four | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 1.58% | |
Maturity Date | May 18, 2020 | |
Advance Amount | $ 20,000 | |
Fixed Rate Convertible | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 2.65% | 1.78% |
Maturity Date | Oct. 24, 2019 | Oct. 26, 2028 |
Advance Amount | $ 25,000 | $ 200,000 |
Fixed Rate Hybrid One | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 1.54% | 2.37% |
Maturity Date | Oct. 2, 2020 | Oct. 10, 2019 |
Advance Amount | $ 10,000 | $ 25,000 |
Fixed Rate Hybrid Two | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Interest Rate | 1.32% | 1.58% |
Maturity Date | Oct. 2, 2019 | May 18, 2020 |
Advance Amount | $ 10,000 | $ 20,000 |
BORROWINGS (Contractual Maturit
BORROWINGS (Contractual Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Premium (Discount) | ||
For the remaining three months of 2019 | $ (174) | |
2020 | (834) | |
2021 | (1,008) | |
2022 | (1,030) | |
2023 | (1,053) | |
Thereafter | (12,239) | |
Total long-term borrowings | (16,338) | |
Total Long-term Borrowings | ||
For the remaining three months of 2019 | 59,826 | |
2020 | 29,166 | |
2021 | (1,008) | |
2022 | (1,030) | |
2023 | (1,053) | |
Thereafter | 1,051,420 | |
Total long-term borrowings | 1,137,321 | $ 668,481 |
Trust Preferred Capital Notes | ||
Total Long-term Borrowings, Gross | ||
For the remaining three months of 2019 | 0 | |
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Thereafter | 155,159 | |
Total long-term borrowings | 155,159 | |
Subordinated Debt | ||
Total Long-term Borrowings, Gross | ||
For the remaining three months of 2019 | 0 | |
2020 | 0 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Thereafter | 158,500 | |
Total long-term borrowings | 158,500 | |
FHLB Advances | ||
Total Long-term Borrowings, Gross | ||
For the remaining three months of 2019 | 60,000 | |
2020 | 30,000 | |
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
Thereafter | 750,000 | |
Total long-term borrowings | $ 840,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Other Commitments [Line Items] | ||
Daily average required reserves | $ 5.5 | |
Deposits with other financial institutions | 243.7 | |
Uninsured deposits with other financial institutions | 107.5 | |
Cash Flow Hedges | ||
Other Commitments [Line Items] | ||
Deposits with other financial institutions serves as collateral | 133.7 | |
Reserve for Off-balance Sheet Activities | ||
Other Commitments [Line Items] | ||
Off-balance sheet credit risks, amount, liability | $ 2.8 | $ 1.4 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Balances of Commitments and Contingencies) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 4,343,565 | $ 3,334,682 |
Commitments to Extend Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | 4,143,637 | 3,167,085 |
Standby Letters of Credit | ||
Commitments with off-balance sheet risk: | ||
Total commitments with off-balance sheet risk | $ 199,928 | $ 167,597 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES (Schedule of Securities Pledged as Collateral) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | $ 133,679 | $ 13,509 |
Loans | 4,092,091 | 3,337,289 |
Total pledged assets | 5,284,589 | 3,732,286 |
Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 748,549 | 374,081 |
Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 310,270 | 7,407 |
Public deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 766,020 | 300,576 |
Public deposits | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 474,155 | 293,169 |
Public deposits | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 291,865 | 7,407 |
Repurchase agreements | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 89,052 | 55,269 |
Repurchase agreements | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 81,419 | 55,269 |
Repurchase agreements | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 7,633 | 0 |
FHLB Advances | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 3,828,487 | 3,337,289 |
Total pledged assets | 3,893,816 | 3,337,777 |
FHLB Advances | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 65,329 | 488 |
FHLB Advances | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | 0 |
Federal Funds [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | |
Loans | 263,604 | |
Total pledged assets | 263,604 | |
Federal Funds [Member] | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | |
Federal Funds [Member] | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | |
Derivatives | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 133,679 | 13,509 |
Loans | 0 | |
Total pledged assets | 135,112 | 15,447 |
Derivatives | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 1,433 | 1,938 |
Derivatives | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 0 | |
Other purposes | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Cash | 0 | 0 |
Loans | 0 | 0 |
Total pledged assets | 136,985 | 23,217 |
Other purposes | Available-for-sale Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | 126,213 | 23,217 |
Other purposes | Held-to-maturity Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Securities pledged | $ 10,772 | $ 0 |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)derivative | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Cash Flow Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Number of interest rate swaps terminated | derivative | 4 | ||
Unrealized gain within accumulated other comprehensive income, to be reclassified into earnings | $ 9 | ||
Fair Value Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate notional amount of the hedged items | 84.1 | $ 84.1 | $ 87.6 |
Fair value of aggregate notional amount of the hedged items, unrealized loss | 3.3 | 1.6 | |
Available-for-sale Securities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of aggregate notional amount of the hedged items, unrealized loss | 5.2 | 1.4 | |
Available-for-sale Securities | Fair Value Hedges | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate notional amount of the hedged items | $ 50 | 50 | 50 |
Fair value of aggregate notional amount of the hedged items, unrealized loss | $ 5.2 | $ 1.4 |
DERIVATIVES (Summary of the Der
DERIVATIVES (Summary of the Derivatives) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Designated as Accounting Hedges | Cash Flow Hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Notional or Contractual Amount | $ 100,000 | $ 152,500 |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 1,323 | 4,786 |
Designated as Accounting Hedges | Fair Value Hedges | ||
Summary of the derivative designated as a cash flow hedge | ||
Notional or Contractual Amount | 134,175 | 137,596 |
Derivative Assets | 1,872 | |
Derivative Liabilities | 8,527 | 1,684 |
Not Designated as Accounting Hedges | Pay Fixed - Receive Floating Interest Rate Swaps | ||
Summary of the derivative designated as a cash flow hedge | ||
Notional or Contractual Amount | 1,392,662 | 878,446 |
Derivative Assets | 105 | 10,120 |
Derivative Liabilities | 74,317 | 9,306 |
Not Designated as Accounting Hedges | Pay Floating - Receive Fixed Interest Rate Swaps | ||
Summary of the derivative designated as a cash flow hedge | ||
Notional or Contractual Amount | 1,392,662 | 878,446 |
Derivative Assets | 74,317 | 9,306 |
Derivative Liabilities | $ 105 | $ 10,120 |
DERIVATIVES (Summary of the Car
DERIVATIVES (Summary of the Carrying Value of the Company's Hedged Assets in Fair Value Hedges) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | $ 50,000 | |
Portfolio, last-of-layer, amortized cost | 213,000 | $ 224,000 |
Loans | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 84,175 | 87,596 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Assets/(Liabilities) | 3,285 | (1,572) |
Fair Value Hedges | ||
Derivative [Line Items] | ||
Fair value of aggregate notional amount of the hedged items, unrealized loss | 3,300 | 1,600 |
Available-for-sale Securities | ||
Derivative [Line Items] | ||
Carrying Amount of Hedged Asset/(Liabilities) | 213,177 | 224,241 |
Cumulative Amount of Basis Adjustments Included in the Carrying Amount of the Hedged Assets/(Liabilities) | 5,236 | 1,399 |
Fair value of aggregate notional amount of the hedged items, unrealized loss | 5,200 | 1,400 |
Available-for-sale Securities | Fair Value Hedges | ||
Derivative [Line Items] | ||
Fair value of aggregate notional amount of the hedged items, unrealized loss | $ 5,200 | $ 1,400 |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) - Serial Preferred Stock - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Preferred stock, shares authorized (up to) | 500,000 | |
Preferred stock, par value (in usd per share) | $ 10 | |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
STOCKHOLDERS' EQUITY (Change in
STOCKHOLDERS' EQUITY (Change in Accumulated Other Comprehensive Income) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | May 01, 2018 | |
AOCI Attributable to Parent, Net of Tax | |||||||||
Beginning balance | $ 2,512,295,000 | $ 2,459,465,000 | $ 1,924,581,000 | $ 1,864,870,000 | $ 1,831,077,000 | $ 1,046,329,000 | $ 1,924,581,000 | $ 1,046,329,000 | |
Other comprehensive income (loss): | |||||||||
Other comprehensive income (loss) | 12,302,000 | 19,670,000 | 18,670,000 | (10,571,000) | (1,628,000) | (11,426,000) | 50,642,000 | (23,625,000) | |
Ending balance | 2,525,031,000 | 2,512,295,000 | 2,459,465,000 | 1,880,029,000 | 1,864,870,000 | 1,831,077,000 | 2,525,031,000 | 1,880,029,000 | |
Accounting Standards Update 2017-12 | |||||||||
Other comprehensive income (loss): | |||||||||
Cumulative effects from adoption of new accounting standard | $ 400,000 | ||||||||
Accounting Standards Update 2018-02 | |||||||||
Other comprehensive income (loss): | |||||||||
Amounts reclassified from AOCI into earnings | 107,000 | ||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||
AOCI Attributable to Parent, Net of Tax | |||||||||
Beginning balance | 28,067,000 | 8,397,000 | (10,273,000) | (14,045,000) | (12,310,000) | (884,000) | (10,273,000) | (884,000) | |
Other comprehensive income (loss): | |||||||||
Transfers of HTM securities to AFS securities | 0 | ||||||||
Cumulative effects from adoption of new accounting standard | (107,000) | (107,000) | |||||||
Other comprehensive income (loss) before reclassification | 17,742,000 | (10,735,000) | (55,921,000) | (23,873,000) | |||||
Amounts reclassified from AOCI into earnings | (5,440,000) | 164,000 | (5,279,000) | 248,000 | |||||
Other comprehensive income (loss) | 12,302,000 | 19,670,000 | 18,670,000 | (10,571,000) | (1,628,000) | (11,426,000) | 50,642,000 | (23,625,000) | |
Ending balance | 40,369,000 | 28,067,000 | 8,397,000 | (24,616,000) | (14,045,000) | (12,310,000) | 40,369,000 | (24,616,000) | |
Unrealized Gains (Losses) on AFS Securities | |||||||||
AOCI Attributable to Parent, Net of Tax | |||||||||
Beginning balance | 36,125,000 | (5,949,000) | (10,813,000) | 1,874,000 | (5,949,000) | 1,874,000 | |||
Other comprehensive income (loss): | |||||||||
Transfers of HTM securities to AFS securities | 2,785,000 | ||||||||
Cumulative effects from adoption of new accounting standard | 404,000 | 404,000 | |||||||
Other comprehensive income (loss) before reclassification | 12,364,000 | (11,310,000) | (54,598,000) | (27,087,000) | |||||
Amounts reclassified from AOCI into earnings | (5,612,000) | (77,000) | (5,772,000) | (176,000) | |||||
Other comprehensive income (loss) | 6,752,000 | (11,387,000) | 48,826,000 | (27,263,000) | |||||
Ending balance | 42,877,000 | 36,125,000 | (22,200,000) | (10,813,000) | 42,877,000 | (22,200,000) | |||
Unrealized Gains (Losses) for AFS Securities Transferred to HTM | |||||||||
AOCI Attributable to Parent, Net of Tax | |||||||||
Beginning balance | 85,000 | 95,000 | 105,000 | 2,705,000 | 95,000 | 2,705,000 | |||
Other comprehensive income (loss): | |||||||||
Transfers of HTM securities to AFS securities | (2,785,000) | ||||||||
Cumulative effects from adoption of new accounting standard | 583,000 | 583,000 | |||||||
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 | 0 | |||||
Amounts reclassified from AOCI into earnings | (5,000) | (5,000) | (15,000) | (403,000) | |||||
Other comprehensive income (loss) | (5,000) | (5,000) | (15,000) | (403,000) | |||||
Ending balance | 80,000 | 85,000 | 100,000 | 105,000 | 80,000 | 100,000 | |||
Change in Fair Value of Cash Flow Hedge | |||||||||
AOCI Attributable to Parent, Net of Tax | |||||||||
Beginning balance | (7,155,000) | (3,393,000) | (2,273,000) | (4,361,000) | (3,393,000) | (4,361,000) | |||
Other comprehensive income (loss): | |||||||||
Transfers of HTM securities to AFS securities | 0 | ||||||||
Cumulative effects from adoption of new accounting standard | (1,094,000) | (1,094,000) | |||||||
Other comprehensive income (loss) before reclassification | 6,025,000 | 575,000 | (1,970,000) | 3,214,000 | |||||
Amounts reclassified from AOCI into earnings | 158,000 | 227,000 | 451,000 | 770,000 | |||||
Other comprehensive income (loss) | 6,183,000 | 802,000 | 2,421,000 | 3,984,000 | |||||
Ending balance | (972,000) | (7,155,000) | (1,471,000) | (2,273,000) | (972,000) | (1,471,000) | |||
Unrealized Gains (Losses) on BOLI | |||||||||
AOCI Attributable to Parent, Net of Tax | |||||||||
Beginning balance | (988,000) | $ (1,026,000) | (1,064,000) | $ (1,102,000) | (1,026,000) | (1,102,000) | |||
Other comprehensive income (loss): | |||||||||
Transfers of HTM securities to AFS securities | 0 | ||||||||
Cumulative effects from adoption of new accounting standard | 0 | 0 | |||||||
Other comprehensive income (loss) before reclassification | (647,000) | 0 | 647,000 | 0 | |||||
Amounts reclassified from AOCI into earnings | 19,000 | 19,000 | 57,000 | 57,000 | |||||
Other comprehensive income (loss) | (628,000) | 19,000 | (590,000) | 57,000 | |||||
Ending balance | $ (1,616,000) | $ (988,000) | $ (1,045,000) | $ (1,064,000) | $ (1,616,000) | $ (1,045,000) |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) item in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2019 | Sep. 30, 2019USD ($)item | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Weighted average pull through rate | 90.00% | |||||
Minimum number of market participants | item | 4 | |||||
Level 3 fair value measurements weighted average related to impaired loans | 0.00% | 5.30% | ||||
Level 3 fair value measurements weighted average related to foreclosed property | 3.70% | 3.70% | ||||
Level 3 fair value measurements weighted average Related to former bank premises | 0.00% | 0.00% | ||||
Total valuation expenses related to foreclosed properties | $ 62,000 | $ 42,000 | $ 546,000 | $ 1,200,000 | ||
Total valuation expenses related to former bank premises | $ 247,000 | $ 0 | $ 615,000 | $ 0 | ||
Interest rate lock commitments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Notional or Contractual Amount | $ 0 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Securities available for sale | $ 1,918,859 | $ 1,774,821 |
Loans held for sale | 72,208 | |
Fair value hedges | 1,872 | |
LIABILITIES | ||
Interest rate swap | 74,422 | 19,426 |
Cash flow hedges | 1,323 | 4,786 |
Fair value hedges | 8,527 | 1,684 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | |
Fair value hedges | 0 | |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale | 1,918,859 | 1,774,821 |
Loans held for sale | 72,208 | |
Fair value hedges | 1,872 | |
LIABILITIES | ||
Interest rate swap | 74,422 | 19,426 |
Cash flow hedges | 1,323 | 4,786 |
Fair value hedges | 8,527 | 1,684 |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | |
Fair value hedges | 0 | |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | 0 |
Recurring | ||
ASSETS | ||
Loans held for sale | 72,208 | |
Interest rate derivative | 74,422 | 19,426 |
Fair value hedges | 1,872 | |
LIABILITIES | ||
Interest rate swap | 74,422 | 19,426 |
Cash flow hedges | 1,323 | 4,786 |
Fair value hedges | 8,527 | 1,684 |
Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Loans held for sale | 0 | |
Interest rate derivative | 0 | 0 |
Fair value hedges | 0 | |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | 0 |
Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Loans held for sale | 72,208 | |
Interest rate derivative | 74,422 | 19,426 |
Fair value hedges | 1,872 | |
LIABILITIES | ||
Interest rate swap | 74,422 | 19,426 |
Cash flow hedges | 1,323 | 4,786 |
Fair value hedges | 8,527 | 1,684 |
Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Loans held for sale | 0 | |
Interest rate derivative | 0 | 0 |
Fair value hedges | 0 | |
LIABILITIES | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | 0 |
U.S. government and agency securities | ||
ASSETS | ||
Securities available for sale | 4,490 | |
U.S. government and agency securities | Recurring | ||
ASSETS | ||
Securities available for sale | 4,490 | |
U.S. government and agency securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale | 0 | |
U.S. government and agency securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale | 4,490 | |
U.S. government and agency securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale | 0 | |
Obligations of states and political subdivisions | ||
ASSETS | ||
Securities available for sale | 438,613 | 468,491 |
Obligations of states and political subdivisions | Recurring | ||
ASSETS | ||
Securities available for sale | 438,613 | 468,491 |
Obligations of states and political subdivisions | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Obligations of states and political subdivisions | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale | 438,613 | 468,491 |
Obligations of states and political subdivisions | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Corporate and other bonds | Recurring | ||
ASSETS | ||
Securities available for sale | 229,524 | 167,696 |
Corporate and other bonds | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Corporate and other bonds | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale | 229,524 | 167,696 |
Corporate and other bonds | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Mortgage-backed securities | ||
ASSETS | ||
Securities available for sale | 1,243,165 | 1,129,865 |
Mortgage-backed securities | Recurring | ||
ASSETS | ||
Securities available for sale | 1,243,165 | 1,129,865 |
Mortgage-backed securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Mortgage-backed securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale | 1,243,165 | 1,129,865 |
Mortgage-backed securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Other securities | ||
ASSETS | ||
Securities available for sale | 3,067 | 8,769 |
Other securities | Recurring | ||
ASSETS | ||
Securities available for sale | 3,067 | 8,769 |
Other securities | Recurring | Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Securities available for sale | 0 | 0 |
Other securities | Recurring | Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Securities available for sale | 3,067 | 8,769 |
Other securities | Recurring | Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Securities available for sale | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Sche_2
FAIR VALUE MEASUREMENTS (Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Impaired loans | $ 1,837 | $ 3,734 |
Foreclosed properties | 6,385 | 6,722 |
Former bank premises | 5,533 | 2,090 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Impaired loans | 0 | 0 |
Foreclosed properties | 0 | 0 |
Former bank premises | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Impaired loans | 0 | 0 |
Foreclosed properties | 0 | 0 |
Former bank premises | 0 | 0 |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Impaired loans | 1,837 | 3,734 |
Foreclosed properties | 6,385 | 6,722 |
Former bank premises | $ 5,533 | $ 2,090 |
FAIR VALUE MEASUREMENTS (Carryi
FAIR VALUE MEASUREMENTS (Carrying Values and Estimated Fair Values of the Company's Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 591,920 | $ 261,199 |
Securities available for sale, at fair value | 1,918,859 | 1,774,821 |
HTM securities | 607,716 | 499,501 |
Restricted stock | 132,310 | 124,602 |
Loans held for sale | 72,208 | |
Net loans | 12,112,840 | 9,534,717 |
Derivatives: | ||
Fair value hedges | 1,872 | |
Accrued interest receivable | 51,606 | 46,062 |
Bank owned life insurance | 320,779 | 263,034 |
LIABILITIES | ||
Deposits | 13,083,351 | 9,989,788 |
Borrowings | 1,520,708 | 1,742,038 |
Accrued interest payable | 8,919 | 5,284 |
Derivatives: | ||
Interest rate swap | 74,422 | 19,426 |
Cash flow hedges | 1,323 | 4,786 |
Fair value hedges | 8,527 | 1,684 |
Interest rate swap | ||
Derivatives: | ||
Interest rate derivative | 74,422 | 19,426 |
Carrying Value | ||
ASSETS | ||
Cash and cash equivalents | 591,920 | 261,199 |
Securities available for sale, at fair value | 1,918,859 | 1,774,821 |
HTM securities | 556,579 | 492,272 |
Restricted stock | 132,310 | 124,602 |
Loans held for sale | 72,208 | |
Net loans | 12,263,177 | 9,675,162 |
Derivatives: | ||
Fair value hedges | 1,872 | |
Accrued interest receivable | 51,606 | 46,062 |
Bank owned life insurance | 320,779 | 263,034 |
LIABILITIES | ||
Deposits | 13,044,712 | 9,970,960 |
Borrowings | 1,549,181 | 1,756,278 |
Accrued interest payable | 8,919 | 5,284 |
Derivatives: | ||
Interest rate swap | 74,422 | 19,426 |
Cash flow hedges | 1,323 | 4,786 |
Fair value hedges | 8,527 | 1,684 |
Carrying Value | Interest rate swap | ||
Derivatives: | ||
Interest rate derivative | 74,422 | 19,426 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ||
ASSETS | ||
Cash and cash equivalents | 591,920 | 261,199 |
Securities available for sale, at fair value | 0 | 0 |
HTM securities | 0 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale | 0 | |
Net loans | 0 | 0 |
Derivatives: | ||
Fair value hedges | 0 | |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 0 | 0 |
LIABILITIES | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivatives: | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets Level 1 | Interest rate swap | ||
Derivatives: | ||
Interest rate derivative | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 1,918,859 | 1,774,821 |
HTM securities | 589,884 | 499,501 |
Restricted stock | 132,310 | 124,602 |
Loans held for sale | 72,208 | |
Net loans | 0 | 0 |
Derivatives: | ||
Fair value hedges | 1,872 | |
Accrued interest receivable | 51,606 | 46,062 |
Bank owned life insurance | 320,779 | 263,034 |
LIABILITIES | ||
Deposits | 13,083,351 | 9,989,788 |
Borrowings | 1,520,708 | 1,742,038 |
Accrued interest payable | 8,919 | 5,284 |
Derivatives: | ||
Interest rate swap | 74,422 | 19,426 |
Cash flow hedges | 1,323 | 4,786 |
Fair value hedges | 8,527 | 1,684 |
Significant Other Observable Inputs Level 2 | Interest rate swap | ||
Derivatives: | ||
Interest rate derivative | 74,422 | 19,426 |
Significant Unobservable Inputs Level 3 | ||
ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at fair value | 0 | 0 |
HTM securities | 17,832 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale | 0 | |
Net loans | 12,112,840 | 9,534,717 |
Derivatives: | ||
Fair value hedges | 0 | |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 0 | 0 |
LIABILITIES | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivatives: | ||
Interest rate swap | 0 | 0 |
Cash flow hedges | 0 | 0 |
Fair value hedges | 0 | 0 |
Significant Unobservable Inputs Level 3 | Interest rate swap | ||
Derivatives: | ||
Interest rate derivative | $ 0 | $ 0 |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |||
Disaggregation of Revenue | ||||||
Mortgage banking income, net | $ 3,374,000 | $ 0 | $ 7,614,000 | $ 0 | ||
Gains (losses) on securities transactions, net | 7,104,000 | 97,000 | 7,306,000 | [1] | 222,000 | [1] |
Bank owned life insurance income | 2,062,000 | 1,732,000 | 6,191,000 | 5,126,000 | ||
Loan-related interest rate swap fees, net | 5,480,000 | 562,000 | 10,656,000 | 2,178,000 | ||
Gain on Shore Premier sale | 0 | (933,000) | 0 | 19,966,000 | ||
Other operating income | 12,708,000 | 1,028,000 | 15,045,000 | 4,887,000 | ||
Total noninterest income | 48,106,000 | 19,887,000 | 103,621,000 | 80,752,000 | ||
Noninterest Income in Scope of Topic 606 | ||||||
Disaggregation of Revenue | ||||||
Revenue from contract with customer | 946,000 | 2,200,000 | 2,500,000 | |||
Overdraft fees, net | ||||||
Disaggregation of Revenue | ||||||
Revenue from contract with customer | 6,021,000 | 5,345,000 | 17,847,000 | 15,338,000 | ||
Maintenance fees & other | ||||||
Disaggregation of Revenue | ||||||
Revenue from contract with customer | 1,654,000 | 1,138,000 | 4,484,000 | 3,228,000 | ||
Other service charges and fees | ||||||
Disaggregation of Revenue | ||||||
Revenue from contract with customer | 1,513,000 | 1,625,000 | 4,879,000 | 4,137,000 | ||
Interchange fees, net | ||||||
Disaggregation of Revenue | ||||||
Revenue from contract with customer | 2,108,000 | 4,882,000 | 12,765,000 | 14,163,000 | ||
Trust asset management fees | ||||||
Disaggregation of Revenue | ||||||
Revenue from contract with customer | 2,661,000 | 1,321,000 | 5,977,000 | 4,102,000 | ||
Registered advisor management fees, net | ||||||
Disaggregation of Revenue | ||||||
Revenue from contract with customer | 2,219,000 | 2,110,000 | 7,919,000 | 4,435,000 | ||
Brokerage management fees, net | ||||||
Disaggregation of Revenue | ||||||
Revenue from contract with customer | 1,202,000 | $ 980,000 | $ 2,938,000 | $ 2,970,000 | ||
Product and Service, Other | ||||||
Disaggregation of Revenue | ||||||
Revenue from contract with customer | 343,000 | |||||
Xenith | ||||||
Disaggregation of Revenue | ||||||
Life insurance proceeds | $ 9,300,000 | |||||
[1] | Discontinued operations have an immaterial impact to the Company’s Consolidated Statement of Cash Flows. The change in loans held for sale included in the Operating Activities section for the nine months ended September 30, 2018 are fully attributable to discontinued operations. |
EARNINGS PER SHARE (Reconciliat
EARNINGS PER SHARE (Reconciliation of the Denominators of the Basic and Diluted EPS Computations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net Income: | ||||
Income from continuing operations | $ 53,196 | $ 38,762 | $ 137,820 | $ 105,136 |
Income (loss) from discontinued operations | 42 | (565) | (128) | (2,973) |
Net income available to common shareholders | $ 53,238 | $ 38,197 | $ 137,692 | $ 102,163 |
Basic weighted average number of common shares outstanding (in shares) | 81,769,193 | 65,974,702 | 80,120,725 | 65,817,668 |
Dilutive effect of stock awards and warrants (in shares) | 64,000 | 38,000 | 63,000 | 55,000 |
Diluted weighted average number of common shares outstanding (in shares) | 81,832,868 | 66,013,152 | 80,183,113 | 65,873,202 |
Basic EPS: | ||||
Earnings per share from continuing operations, basic (in usd per share) | $ 0.65 | $ 0.59 | $ 1.72 | $ 1.60 |
Earnings per share from discontinued operations, basic (in usd per share) | 0 | (0.01) | 0 | (0.05) |
Earnings per share available to common shareholders, basic (in usd per share) | 0.65 | 0.58 | 1.72 | 1.55 |
Diluted EPS: | ||||
Earnings per share from continuing operations, diluted (in usd per share) | 0.65 | 0.59 | 1.72 | 1.60 |
Earnings per share from discontinued operations, diluted (in usd per share) | 0 | (0.01) | 0 | (0.05) |
Earnings per share available to common shareholders, diluted (in usd per share) | $ 0.65 | $ 0.58 | $ 1.72 | $ 1.55 |
SEGMENT REPORTING & DISCONTIN_3
SEGMENT REPORTING & DISCONTINUED OPERATIONS (Narrative) (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Segment Reporting [Abstract] | ||
Assets of discontinued operations | $ 863,000 | $ 1,479,000 |
Liabilities of discontinued operations | $ 763,000 | $ 1,687,000 |
SEGMENT REPORTING & DISCONTIN_4
SEGMENT REPORTING & DISCONTINUED OPERATIONS (Information About Reportable Segments and Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 136,601 | $ 105,963 | $ 402,743 | $ 317,602 |
Provision for credit losses | 9,100 | 3,340 | 18,192 | 9,011 |
Net interest income after provision for credit losses | 127,501 | 102,623 | 384,551 | 308,591 |
Noninterest income | 48,106 | 19,887 | 103,621 | 80,752 |
Noninterest expenses | 111,687 | 76,349 | 324,022 | 263,234 |
Income from continuing operations before income taxes | 63,920 | 46,161 | 164,150 | 126,109 |
Income tax expense (benefit) | 10,724 | 7,399 | 26,330 | 20,973 |
Net income (loss) on discontinued operations | 42 | (565) | (128) | (2,973) |
Discontinued Operations | Mortgage | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 0 | 207 | 0 | 850 |
Provision for credit losses | 0 | 83 | 0 | (181) |
Net interest income after provision for credit losses | 0 | 124 | 0 | 1,031 |
Noninterest income | 0 | 181 | 1 | 3,891 |
Noninterest expenses | (56) | 1,066 | 174 | 8,690 |
Income from continuing operations before income taxes | 56 | (761) | (173) | (3,768) |
Income tax expense (benefit) | 14 | (196) | (45) | (795) |
Net income (loss) on discontinued operations | $ 42 | $ (565) | $ (128) | $ (2,973) |